Now that the U.S. Supreme Court has refused to overturn the National Credit Union Administration’s Field of Membership rule, the agency will begin implementing the sections of the rule that had been challenged, NCUA Chairman Rodney Hood said Monday.
The U.S. Supreme Court on Monday refused to consider the American Bankers Association’s challenge to the National Credit Union Administration’s Field of Membership rule.
The refusal is a major win for the agency and credit unions that have defended the rule.
A proposed National Credit Union Administration rule governing the purchase of banks by credit unions does not go far enough in governing predatory practices of the tax-exempt institutions, two banking trade groups told the agency this week.
Bankers Tell Supreme Court That NCUA is Using ‘Extravagant Interpretations’ to Stretch Fields of Membership
The National Credit Union Administration is using “extravagant interpretations” of federal law to allow credit unions to expand their fields of membership far beyond the restrictions imposed by Congress, the American Bankers Association told the U.S. Supreme Court in a brief filed on Tuesday.
The Credit Union National Association has joined the chorus of business groups calling for temporary liability protection related to the coronavirus pandemic.
Congress has given the National Credit Union Administration wide authority to define credit union fields of membership, the agency told the U.S. Supreme Court Tuesday, challenging arguments made by the nation’s bankers.
A bipartisan group of senators has introduced legislation that would prohibit the garnishment of economic impact payments that individuals received from the federal government.
As Congress decides whether to include marijuana banking provisions in the next coronavirus relief measure, advocates are raising a new issue: Cash is dirty and can spread the coronavirus.
The U.S. Supreme Court has given the National Credit Union Administration until May 26 to respond to a petition filed by the American Bankers Association challenging the agency’s Field of Membership rules. The ABA had challenged the rule amended in 2016.