Saturday, April 21, 2018

NCUA Considering Appeal, Will Not Grant Charters Under Vacated Provisions

The National Credit Union Administration (NCUA) is considering whether to appeal the U.S. District Court for the District of Columbia's decision to strike down provisions of the agency's field-of-membership (FOM) rule.

The two provisions that a federal judge vacated dealt with rural district and combined statistical areas.

In a notice to the court, NCUA informed the court that it has instructed credit unions to not accept any new members who would only be eligible under the vacated portions of the FOM rule.

However, the agency stated that it advised credit unions that members enrolled on or before April 4, who would have been ruled ineligible by the court's decision, may remain members.

NCUA also stated that it will not grant any new charters under the vacated provisions.

Read the Notice.
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