NCUA Files FOM Appeal Brief

The National Credit Union Administration (NCUA) yesterday filed its brief for the appeal of the U.S. Court of Appeals for the D.C. Circuit decision in the American Bankers Association (ABA) lawsuit that challenged the agency's Field of Membership (FOM) rule. The lower court upheld two challenged portions of NCUA's FOM rule and struck down two provisions in the lawsuit filed against the agency.

The provisions declared to exceed the NCUA's statutory authority include those that automatically qualify a combined statistical area (CSA) with fewer than 2.5 million people to be a local community and the increase to 1 million people the population limit for rural districts.

in Compliance & Regulatory News