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News Now

Washington
NCUA reviews options in court FOM decision
ALEXANDRIA, Va. (7/22/08)—The National Credit Union Administration (NCUA) said Monday that it is currently reviewing a U.S. District Court decision that the agency’s approval in 2003 of a six county area in South Central Pennsylvania was “arbitrary and capricious.” An agency statement said the NCUA is disappointed in the decision, but noted that “this decision did not challenge NCUA’s community charter regulations.” “Rather it was a fact-specific challenge to the granting of a six county community in Pennsylvania and affects only those credit unions serving that community,” the NCUA pointed out. The case was known as American Bankers Association vs. NCUA. The court has asked parties to the suit to file briefs addressing the appropriate remedy. (See related story: Court rules against NCUA in Pa. FOM case.)


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