The American Bankers Association said Tuesday that it plans to drop a lawsuit challenging the right of Point Mugu Federal Credit Union to serve all of Ventura County, Calif.

The ABA and several trade groups had argued that the National Credit Union Administration exceeded its authority when it gave Point Mugu its community-based charter, which lets it serve 670,000 people spread out over 1,800 square miles.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.