Looking back eight years ago finds the credit union industry disappointed by the Supreme Court's ruling against NCUA's interpretation of the Federal Credit Union Act. Announced on the closing day of GAC, credit union trade association leaders were united in their response of a credit union call to action. Without hesitation, CUNA President Dan Mica told attendees, "Our cause is just and now our mission is clear. Let our actions be focused directly. Our response will be swift and unrelenting and we will not stop until we have a victory." NAFCU President Ken Robinson added, "Congress created those words, and now we need them to reinterpret them for 1998. Remember, those words were applied to the country in 1934-during the height of the Depression- and now they need to clarify them for our country's economy today." In a decision of 5-4 Supreme Court Justice Clarence Thomas wrote, "First the NCUA's current interpretation makes the phrase `common bond' surplusage when applied to a general credit union made up of multiple unrelated employer groups, because each group in such a credit union already has its own common bond."
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From the March-08, 2006 issue of Credit Union Times Magazine • Subscribe!
CREDIT UNION TIMES Vol. 9, No. 9 March 4, 1998
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