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Article: Credit unions: who should be able to serve the underserved?(Notes & Comments)
- Article from:
- North Carolina Banking Institute
- Article date:
- March 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 North Carolina Banking Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I. INTRODUCTION
In November 2005, Utah became the most recent battleground in the continuing war between banks and credit unions when the American Bankers Association (ABA) filed a suit against the National Credit Union Administration (NCUA) in the United States District Court for the District of Utah. (1) The ABA challenged the NCUA's decision to allow the America First Federal Credit Union, a community credit union, to expand into underserved areas. (2) Prior to this suit, the NCUA had allowed all types of credit unions, not just multiple common-bond credit unions, to expand into underserved areas. (3) Only days before the NCUA was required to respond to the ...