FOR IMMEDIATE RELEASE
Contact: Patrick Keefe
CUNA Communications, 202-508-6765
WASHINGTON -- 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 CUNA, in cooperation with the Pennsylvania Credit Union Association (PCUA), the affected credit unions (Members 1st Federal Credit Union, New Cumberland Federal Credit Union, and Americhoice Federal Credit Union), and the National Association of Federal Credit Unions (NAFCU).
The motion will be filed today (Monday, Nov. 19).
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. 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."
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves more than 90 percent of America's 8,800 credit unions, which are owned by nearly 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.
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