For Immediate Release
October 27, 2016
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers​

ABA Statement on NCUA’s Final Field of Membership Rule

By Rob Nichols, ABA president and CEO

​     “We’re deeply concerned about NCUA’s decision to go beyond its statutory authority to move credit unions even further away from the common bonds that define their missions.  By passing today’s field of membership rule, NCUA ignores two congressionally mandated limits on credit union membership - - 'well-defined' and 'local' – in a move that would dramatically expand the scope of the credit union tax subsidy.  We’re closely reviewing today’s rule and will take any action necessary to protect the interests of taxpayers, small banks and the communities they serve.”
 
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The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.