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The American Bankers Association (ABA) yesterday filed a notice of supplemental authority with the U.S. District Court for the District of Columbia against the NCUA's revised field-of-membership (FOM) rule, which took effect in February.

The notice references two reports from the NCUA allowing credit unions to expand fields of membership, which the ABA argues are expansions outside of the scope allowed under the Federal Credit Union Act. NAFCU, however, supports the agency continuing to approve of credit union charters.

This is the latest move in a series of filings related to the lawsuit that the ABA filed last December. The NCUA has asked the court to dismiss the suit.

NAFCU believes the NCUA's field-of-membership rule is well within the agency's legal authority and is in keeping with the Federal Credit Union Act. The association stands behind the NCUA's decision to issue the final rule, which was the first meaningful update to the agency's FOM rules over the past decade.