Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Conversion group quits legal challenge to NCUA
RICHMOND, Va. (7/16/08)--Rather than disclose the identities of its membership, the Coalition for Credit Union Charter Options (CCUCO) has abandoned its appeal of a lower court ruling dismissing the group’s lawsuit against the National Credit Union Administration (NCUA). CCUCO filed its appeal earlier this year in the U.S. Court of Appeals for the Fourth Circuit, located in Richmond, Va., after a federal district court ruled Dec. 7 that the coalition lacked standing to bring suit against NCUA and dismissed the case challenging the agency's rules on credit union conversions to banks. The Credit Union National Association (CUNA) and the National Association of Federal Credit Union (NAFCU) filed a joint amicus brief in May and said the lower court’s dismissal should be upheld on appeal. The joint brief argued that the “coalition’s complaint did not identify any of its alleged credit union members, let alone any specific members that have been injured by the challenged regulations...Nor did the coalition disclose to the district court (or to this court) that its ‘members' also include banks and companies serving banks." The outcome was no surprise to CUNA General Counsel Eric Richard. “Without proper disclosure of its membership and what their true interests are, it is impossible to tell whether the coalition was acting as a representative of its alleged credit union members, or rather 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," he said.


RSS print
News Now LiveWire
3 Atlanta fed judges recuse themselves from Home Depot data breach suits via @AtlBizChron http://t.co/lfPgOXZ7sO
12 hours ago
How may falling gas prices impact the U.S. economy? Find out tomorrow in #NewsNow #Market http://t.co/Q9ec9DGLDN
13 hours ago
News of the comp. for tomorrow: Big bank unveils plans for massive $6.5 billion new headquarters #NewsNow #Market
15 hours ago
Consumer confidence surges to 7-year high #NewsNow #Market http://t.co/fMEENGuWPi
15 hours ago
Charlotte Cash, CEO of @COFCU , is engaging members by producing videos on various subject of financial interest to members.
16 hours ago