Appeals court strikes down ABA’s request for FOM lawsuit rehearing
In a win for the NCUA and its 2016 field of membership (FOM) rule, the U.S. Court of Appeals for the D.C. Circuit denied a rehearing en banc in the case American Bankers Association v. NCUA.
"Today’s appeals court decision reaffirms what we already know: The NCUA's FOM rule is well within the agency’s legal authority," said Dan Berger, NAFCU President and CEO. "Unlike for-profit banks, credit unions do not have a history of engaging in discriminatory practices. NAFCU remains steadfast in our support of the NCUA’s FOM rule."
The appeals court three-judge panel decision in August was largely in favor of the NCUA on key issues in the lawsuit. After the appeals court’s prior ruling, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt shared insights with members, noting that it strongly reaffirmed the Chevron Doctrine and the NCUA’s interpretations of the Federal Credit Union Act.
After the D.C. Circuit’s decision, NCUA Chairman Rodney Hood indicated the agency will phase-in the rule's implementation and will propose a rulemaking to address concerns related to eliminating the urban-core requirements for local communities based on core based statistical areas.
In March 2018, the D.C. District Court declared two provisions of the rule to exceed the NCUA's statutory authority, automatically qualifying a combined statistical area of fewer than 2.5 million people as a local community and increasing the population limit for rural districts to 1 million people. In October, the agency proposed a rule to address these concerns.
NAFCU will continue to defend the credit union industry against banker attacks of any kind and urges the NCUA to continue efforts to modernize FOM rules.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCRM, CPE
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