SCOTUS Denies ABA Appeal on Field of Membership Rule
Today, the U.S. Supreme Court denied an appeal from the American Bankers Association (ABA) to void the NCUA field of membership (FOM) rule, a decision that marks the end of bankers’ nearly four-year battle to undo NCUA’s FOM rule finalized in October 2016. The Michigan Credit Union League, along with our partners at the Credit Union National Association, support the NCUA's rule and oversight authority and consider this denial a victory for the credit union movement.
The ABA filed suit against NCUA two months after the rule was finalized in 2016. The U.S. District Court for the District of Columbia overturned several parts of the rule in a March 2018 ruling, but nearly all portions of the rule were upheld in an August 2019 decision by the D.C. Circuit Court of Appeals.
The August 2019 decision allows credit unions to serve Combined Statistical Areas of up to 2.5 million people and rural districts with up to one million people.Go to main navigation