Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.
The court's decision not to consider an appeal from the American Bankers Association is likely to be the last step in a legal saga dating back to 2016.
An appeals court on Thursday denied bank groups an en banc hearing from all 11 appellate judges, but bankers said Friday that they're considering turning to the Supreme Court.
More than 50 banks and banking groups responded to the National Credit Union Administration's call for public comment as it attempts to explain why a new field of membership provision won't permit redlining.
The National Credit Union Administration has unveiled a proposal to address a federal judge's concerns that its 2016 field-of-membership overhaul could discourage lending in low-income areas.
The group's Wake Up initiative will include legislative and regulatory proposals, along with added resources to help members push for a level playing field.
Banks are expected to appeal last week’s field of membership ruling, but credit unions must also explain why part of their new rule doesn't discriminate.
A panel of federal appeals court judges reversed a district court’s decision on the NCUA’s controversial field-of-membership rule, but saw merit in bankers’ claims of potential redlining.
