Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Pennsylvania court to hear FOM arguments today
HARRISBURG, Pa. (1/4/08)--Several credit unions entities, including the Credit Union National Association (CUNA), will be in Harrisburg, Pa., today for a federal court hearing on the banking industry’s challenge to the National Credit Union Administration’s (NCUA) field-of-membership decision involving three Pennsylvania credit unions. The case is before the U.S. District Court for the Middle District of Pennsylvania. The arguments on the credit union side of the case will be made by the U.S. Justice Department on behalf of NCUA, and by Paul Lambert, counsel from the Bingham McCutcheon law firm. Lambert is representing CUNA, the Pennsylvania Credit Union Association (PCUA), the three affected credit unions and the National Association of Federal Credit Unions, Eric Richard, CUNA general counsel, told News Now. “The credit union parties, as well as NCUA, have prepared an extremely strong case,” said Rick Wargo, PCUA executive vice president/general counsel. “We look forward to making the presentation and having the opportunity to address any questions that the judge may have.” A recent motion by banking plaintiffs seeks a summary judgment against the NCUA. That action would invalidate the agency's decision to grant community charters to the three Pennsylvania credit unions: Members 1st FCU, New Cumberland FCU, and Americhoice FCU (News Now Dec. 5). The first of the community charters was approved by the NCUA on Aril 24, 2003, Richard said. The bankers' case was filed in 2007 by 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.


RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
3 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
8 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
8 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
9 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
10 hours ago