RICHMOND, Va. — The Coalition for Credit Union Charter Options, the banker-led group which advocates in favor of credit unions changing to mutual banks, has filed an appeal of the case it lost in the Federal District Court.

The Coalition brought its case in the Federal Court for the Eastern District of Virginia and sought to overturn NCUA's regulations governing the CU to bank charter conversion process. The Coalition argued in its briefs that the regulations are more restrictive than those of other federal regulators who oversaw similar charter changes and that it harmed its members who might seek to convert. Significantly, the Coalition did not report having members who were actually seeking to convert and none stepped forward as plaintiffs.

The Court decided against the Coalition on the grounds that the group, absent the presence of actual credit unions seeking to convert, lacked standing to bring the case. The Coalition has appealed that decision in the Fourth Circuit Court of Appeals in Richmond but has not yet revealed the basis for its appeal.