Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Motion seeks summary judgment in banker lawsuit
WASHINGTON (11/20/07)--A motion supporting summary judgment against a banking industry challenge to the National Credit Union Administration (NCUA) decision allowing credit unions to expand their charters is being filed by the Credit Union National Association (CUNA) in cooperation with several credit union organizations. The other organizations are the Pennsylvania Credit Union Association the affected credit unions--Members 1st FCU, New Cumberland FCU, and Americhoice FCU--and the National Association of Federal Credit Unions. The motion was filed Monday. The bankers' case was brought in the name of the American Bankers Association and a group calling itself the Credit Union Task Force of Pennsylvania. The litigation challenges NCUA's determination that a six-county area in south central Pennsylvania constitutes a "well-defined local community" under the Federal Credit Union Act. "Our brief takes head-on the banker-plaintiffs' arguments that NCUA's approvals were 'arbitrary," said CUNA General Counsel Eric Richard. "The statement presents a well-crafted analysis showing that NCUA carefully reviewed the facts and made a reasoned decision after appropriate deliberation," Richard said. "NCUA's approval of the charter applications was based on a review of the full record, which demonstrated sufficient evidence of community interests, as well as the agency's expertise in chartering and supervising credit unions.” Richard added: “In short, it is clear that NCUA did what it was supposed to do in approving these applications. Our motion leaves no doubt that was the case."


RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
7 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
10 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
10 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
11 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
12 hours ago