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.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.