NCUA Responds

Register now

NCUA Chairman JoAnn Johnson issued the following statement following the ruling against NCUA on the FOM approved for Tooele FCU. "It is important to reaffirm my steadfast belief that NCUA's field of membership rules are consistent with the Federal Credit Union Act while flexible enough to permit credit unions to grow and serve their members in a safe and sound manner.

"The Judge remanded the case to the agency for further proceedings, and accordingly, I have directed agency staff to conduct a thorough analysis of the respective applications in order to supplement the record, so we may comply with the Judge's request for further review in this matter."

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER