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News Now

Washington
Motion seeks summary judgment in banker lawsuit
WASHINGTON (11/20/07)--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 the Credit Union National Association (CUNA) in cooperation with several credit union organizations. The other organizations are the Pennsylvania Credit Union Association the affected credit unions--Members 1st FCU, New Cumberland FCU, and Americhoice FCU--and the National Association of Federal Credit Unions. The motion was filed Monday. 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," Richard said. "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."


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