A recent Washington Post investigation revealed that J. Mark McWatters runs the National Credit Union Administration from his home in Dallas, raising questions about his being tapped to head the consumer agency.
A bombshell letter from a prominent senator and a court ruling criticizing credit unions’ interpretation of “field of membership” have bankers hopeful that Congress may finally be willing to examine the public-policy purpose of the Depression-era tax break.
National Credit Union Administration board member Rick Metsger says a federal judge overstepped the court's bounds when striking down portions of the agency's field-of-membership rule, but stopped short of saying the regulator planned to appeal the decision.
The National Credit Union Administration’s defense of changes to a field-of-membership rule was challenged by a federal judge on Wednesday, suggesting an American Bankers Association lawsuit against the revisions may be successful.