Appeals Court Rules for Credit Unions in FOM Case

Mica calls ruling a "complete victory"

November 9, 2001

FOR IMMEDIATE RELEASE
Contact: Mark Wolff
202-262-3712

WASHINGTON, D.C. – In a case involving multiple challenges to the National Credit Union Administration’s (NCUA) field of membership rules (American Bankers Association v. National Credit Union Administration, et al.), the United States Court of Appeals for the District of Columbia today threw out the challenges made by the American’ Bankers Association (ABA), finding the ABA’s arguments without merit and affirming the district court’s dismissal of the case.

"Today’s ruling is a complete victory for credit unions. Our arguments prevailed and we won on the merits," said Daniel A. Mica, president and CEO of the Credit Union National Association. "I am extremely pleased and gratified by today’s decision. We have been consistently confident throughout this process that the courts would support NCUA’s interpretations of the Credit Union Membership Access Act, and that the bankers’ objections were baseless. Today’s ruling reaffirms this long-held belief."

Mica also noted the hard work put in by lawyers for CUNA. "I want to especially commend the legal team at CUNA for the crucial efforts they have made during the long legal process concluded today," Mica said. "Their hard work and dedication in support of NCUA have played an important role in bringing about today’s positive results."

"We have been confident of our arguments from the beginning," said Eric Richard, CUNA’s General Counsel. "Now we look forward to working with NCUA to move forward on implementing the rules and regulations allowed under the Credit Union Membership Access Act."

With its network of affiliated state credit union leagues, Credit Union National Association serves more than 90% of America’s 10,000 credit unions, which are owned by more than 81 million consumer members. Credit unions are not-for-profit cooperatives where people are worth more than money.

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