U.S. Court of Appeals denies American Bankers Association’s appeal for FOM lawsuit rehearing
Yesterday, credit unions received affirmation as bankers were once again thwarted in efforts to prevent us from thriving and serving members. When the U.S. Court of Appeals for D.C. Circuit denied the American Bankers Association’s appeal for a rehearing regarding the NCUA’s Field of Membership rule, it sent a message that our not-for-profit institutions play a critical role in the communities they serve. This reinforces the importance that credit unions continue to expand our boundaries to draw in more financially underserved individuals who need our services.
In continued efforts to limit the work credit unions do in helping people afford life, the ABA and other banking organizations say the NCUA Field of Membership rule gives credit unions too much freedom and is contrary to what makes credit unions and banks different. Banks seem to be attempting to stop credit unions serving rural areas that they are not particularly interested in serving themselves.
Though the battle against bankers seems never ending, this is a time to celebrate the validation we received from the courts so that credit unions nationwide can continue to serve members and open opportunities for others to have access to our superior services and to learn the credit union difference.