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CUNA NAFCU file brief in conversion lawsuit
WASHINGTON (5/5/08)—A lower court ruling dismissing the Coalition for Credit Union Charter Option’s (CCUCO’s) legal challenge against the National Credit Union Administration (NCUA) should be upheld on appeal, said the Credit Union National Association (CUNA) and the National Association of Federal Credit Union (NAFCU) in a joint amicus brief. CUNA General Counsel Eric Richard said of the case, “So far, CCUCO's lawsuit has gotten nowhere, and we think that is for good reason. We are urging the Fourth U.S. Circuit Court of Appeals to affirm the decision of the district court." The brief, filed Friday, noted that the plaintiff has repeatedly failed to show it has standing in the case that challenges the NCUA’s conversion regulations. CCUCO, it argues, has not produced a single member that has been or will be injured by the NCUA conversion rule CCUCO is protesting in court. The joint brief says that CCUCO has failed to:
* Demonstrate that it is an organization capable of asserting associational standing; and * Identify a single credit union member that would have standing in its own right.
“The Coalitions’ complaint did not identify any of its alleged credit union members, let alone any specific members that have been injured by the challenged regulations,” the amicus brief argues. “Nor did the Coalition disclose to the district court (or to this court) that its ‘members’ also include banks and companies serving banks.” Those omissions, the brief asserts, may “suggest the possibility that the Coalition is not acting as a representative of its alleged credit union members but rather is a stalking horse for members of the thrift banking and mutual savings bank conversion industries that seek to encourage credit unions to convert to banks.”


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