Wednesday, July 8, 2020

NCUA to Reinstate Rural District for 18 CUs Impacted by ABA Lawsuit

The National Credit Union Administration (NCUA) announced that it will reinstate rural districts for 18 credit unions that were removed by the American Bankers Association (ABA) lawsuit.

This action was based upon the United State Supreme Court denying ABA's appeal to review the D.C. Circuit Court of Appeal’s decision on the NCUA’s field of membership rules.

The NCUA’s Office of Credit Union Resources and Expansion will contact these 18 credit unions by July 10, 2020, to confirm the reinstatement. No further action will be required for these credit unions.

For any federal credit union with a rural district field of membership application in limbo during the litigation period, the NCUA will resume processing these applications, immediately. The NCUA will also begin accepting new rural district field of membership applications, immediately.

A proposed area would generally qualify as a rural district if it has well-defined, contiguous geographic boundaries, and the total population of the proposed district does not exceed one million. A rural district must also meet the criteria that either more than 50 percent of the proposed district's population resides in census blocks or other geographic units that are designated as rural by either the Consumer Financial Protection Bureau or the United States Census Bureau, or the district has a population density of 100 persons or fewer per square mile.

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