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COPYRIGHT 2006 SourceMedia, Inc.
ABA Drops Lawsuit On Underserved In Utah
WASHINGTON-The American Bankers Association last week agreed to end its two-year-old lawsuit over NCUA's underserved expansions.
The ABA suit originally challenged NCUA's approval of an underserved expansion for America First FCU, which the bankers said violated the Federal Credit Union Act, as America First FCU is a community charter. But after NCUA withdrew the approval for America First, the bankers no longer had a case.
Since then, NCUA has changed its rule to specifically bar community charters and single group credit unions from its underserved expansions program. About 200 underserved expansions previously approved for community chartered credit unions were allowed to stand. The ABA hasn't said if it will challenge any of those 200 underserved...
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