Rodney Hood, NCUA chairman, reacted to Monday’s U.S. Supreme Court decision to deny the appeal by the American Bankers Association to review NCUA’s field of membership rules. The Supreme Court’s decision ends the ABA’s case, which dates to December 2016, when the group filed a lawsuit challenging NCUA’s revision to its FOM rule.
Hood released the following statement on Monday:
Today’s decision by the Supreme Court ends nearly four years of uncertainty and will help the NCUA in its efforts to foster greater financial inclusion for all Americans. The NCUA will begin processing field-of-membership applications affected by this decision immediately.
Analysis of the Supreme Court ruling can be found in today’s edition of New York’s State of Mind blog.