NCUA official seal NCUA official seal. (Source: NCUA)

The NCUA’s proposed Field of Membership rule is “unreasonable and unlawful,” the American Bankers Association said, in a letter to the agency.

“Congress granted tax-exempt status to credit unions in view of their special mission to serve those of modest means,” Justin Underwood, senior director of banking with the ABA wrote, in commenting on an updated proposal. “It is the responsibility of the Board to ensure that credit unions deliver on this mission, including to those that might call a low-income neighborhood home.”

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David Baumann

 

Credit Union Times

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