A Win for Credit Unions as SCOTUS Denies ABA Appeal on FOM Rule
June 29, 2020
The U.S. Supreme Court Monday dealt a blow to the American Bankers Association’s attempts to unravel the NCUA’s Field of Membership rule. That action establishes NCUA’s right to oversee the credit union system, and sets the stage for the not-for-profit, cooperative financial services model to be accessible to more consumers.
During ABA’s four-year fight against the FOM rule, a 2019 Court of Appeals decision allowed credit unions to serve Combine Statistical Areas of up to 2.5 million people, and rural areas with up to one million people.
NCUA’s FOM rule was widely supported by CUNA and the league system, CUNA Mutual Group, and the National Association of Federally Insured Credit Unions.
Posted in Advocacy on the Move.