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Bankers contend NCUA already violating law in FOM expansions

first_img continue reading » 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The NCUA already is using its new—and illegal– Field of Membership rules to greatly expand the reach of specific credit unions, the American Bankers Association said Tuesday, in its lawsuit against the agency.The ABA contends that the NCUA has approved expansions that “are not limited to a single ‘well-defined local community, neighborhood, or rural district,’ as required by the Federal Credit Union Act,” the ABA said.In October, the NCUA board approved rules that board members said would provide credit unions with more flexibility to determine their fields of membership. Then-board Chairman Rick Metsger said the rules would make it easier for people to gain access to affordable financial services.last_img read more