New York Credit Union Association President/CEO William J. Mellin had a different opinion than the judge or the ABA. “The New York Credit Union Association disagrees with the court’s ruling that NCUA overstepped its authority when it modernized its field of membership rules. NCUA correctly and accurately understood that their field of membership rules needed […]
New York Credit Union Association President/CEO William J. Mellin had a different opinion than the judge or the ABA. “The New York Credit Union Association disagrees with the court’s ruling that NCUA overstepped its authority when it modernized its field of membership rules. NCUA correctly and accurately understood that their field of membership rules needed to be updated to reflect the changing nature of financial services,” he said.
Mellin urged the NCUA to push hard to maintain its power to make rules for credit unions. “Going forward, we urge NCUA to continue to pursue every effort to uphold its rulemaking authority, and the association will explore all of our options for assisting the agency, credit unions and their members.”
In contrast, the ABA said the judge’s ruling “affirms what we have known for years — NCUA won’t hesitate to push the boundaries of reason for the credit-union industry even at the expense of taxpayers, small banks and the communities those banks serve.”
The American Bankers Association represents small, regional, and large banks that together employ more than 2 million people, hold $13 trillion in deposits, and extend nearly $10 trillion in loans.
The New York Credit Union Association is the trade association for the state’s credit unions, which collectively hold more than $76 billion in assets and serve 5.6 million members.
NCUA is the independent federal agency created by Congress to charter, regulate, and supervise federal credit unions.
