Newsroom

June 22, 2017

NCUA asks court to deny bankers' motion for summary judgment

The NCUA on Wednesday filed a request with the U.S. District Court for the District of Columbia to deny the American Bankers Association's motion for summary judgment against the agency's revised field-of-membership rule, which took effect this February.

The NCUA defends the legality of the rule under the Federal Credit Union Act and asks the court to grant its motion for summary judgment. The agency also points out that Congress granted the NCUA broad authority to set community credit unions' field of membership and that its interpretations are owed substantial deference.

This motion is in response to the ABA's request for summary judgment against the NCUA and its FOM rule filed last month.

In March, the NCUA filed a motion asking the court to dismiss the suit.