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For Immediate Release
June 21, 2018
ABA Media Contact: Ian McKendry
(202) 663-5473
Email:
imckendry@aba.com
Follow us on Twitter: @ABABankers

ABA Statement on Misguided NCUA Rule to Further Expand Credit Union Field of Membership

By Rob Nichols, ABA President and CEO

​“The fact that the NCUA today chose to allow tax-exempt credit unions to make up what constitutes a 'well defined local community' is disappointing, but given previous decisions, not terribly surprising. The reality is the rule approved today effectively allows large credit unions to operate with no membership limitations at all, well beyond Congress’ original intent.
 
“NCUA’s action only adds to legitimate questions the courts and lawmakers have raised about this regulator and the unbridled growth of large, tax-exempt credit unions. No one will be hurt by this expansion more than taxpayers and small credit unions actually fulfilling their mission. ABA will consider all of its options as we carefully review this latest, misguided action by NCUA.”
 
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans.
 
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