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CUNA Cautions FCUs To Pay Attention To FOM Ruling

WASHINGTON–CUNA is cautioning federal credit unions to pay attention to what a court decision on field of membership means as they look to add new members.
As CUToday.info reported here, NCUA is considering an appeal to the U.S. District Court for the District of Columbia’s ruling that vacated two provisions of the agency’s field of membership rule.
What that means, reminded CUNA CEO Jim Nussle in a letter to credit unions, is that while NCUA filed a notice with the court last week setting forth its plan to comply with the ruling, it will not grant new community charters to federal charters based on the expanded definition of "rural district" and "combined statistical area" going forward. Credit unions will not be required to de-list members who joined prior to April 4.
“The NCUA's notice also observes that some of the court's ruling could be overturned in an appeal,” wrote Nussle. “CUNA strongly supports NCUA's authority to issue the rule, and the important modernizations the final rule made to credit unions' ability to serve members. We also support NCUA efforts to pursue any available avenue, be it judicial, regulatory, or legislative, to ensure consumers have the access to credit union membership within their community.”
Nussle added that CUNA’s own “rigorous analysis shows unambiguously that broader fields of membership create not only substantial benefits to the credit unions and their members, but to the overall safety and soundness of the financial services marketplace.”

CUNA is urging any credit union that believes it has been affected by the court’s decision to contact it.

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