FOR IMMEDIATE RELEASE | October 08, 2019

NAFCU, CUNA, CUNA Mutual Stand Together in Support of NCUA’s Field of Membership Rule

WASHINGTON – The National Association of Federally-Insured Credit Unions (NAFCU), Credit Union National Association (CUNA) and CUNA Mutual Group today issued support for the National Credit Union Administration’s (NCUA) 2016 field of membership (FOM) rule in light of the American Bankers Association’s (ABA) call for the U.S. Court of Appeals for the D.C. Circuit to rehear its prior decision. The appeals court panel decision in August was largely in favor of the NCUA.

“NAFCU stands firmly with the NCUA, and its efforts to modernize credit unions’ field of membership rules,” said NAFCU President and CEO Dan Berger. “While the ABA continues its meritless attacks against credit union growth and competition, NAFCU will continue to support FOM modernization so that credit unions can serve their members, including the underserved, which banks have so often left behind. NAFCU strongly believes in the credit union industry’s cooperative, not-for-profit mission, and that credit unions provide the best financial solutions the marketplace has to offer.”

“The D.C. Circuit Court of Appeals found that credit unions are an important part of America’s financial tapestry,” said Jim Nussle, CUNA President/CEO. “That the bankers continue to spend time and resources to limit consumers’ access to responsible financial services is telling in how we approach our service to communities across the country.”

“CUNA Mutual Group continues to stand by NCUA and its authority to interpret the Federal Credit Union Act,” said Phil Tschudy, CUNA Mutual Group spokesperson. “We will continue to work diligently with CUNA and NAFCU to defend and promote credit union field of membership.”