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Article: A credit union victory of major proportion
- Article from:
- Hoosier Banker
- Article date:
- November 1, 1996
- Author:
CopyrightCopyright Indiana Bankers Association Nov 1996. Provided by ProQuest LLC. (Hide copyright information)
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Some victories are sweeter than others, and the unanimous DC Circuit Court of Appeals ruling that reins in the AT&T Family Federal Credit Union is about as sweet as it gets. It has been a six-year battle to put the "common bond" genie back in the bottle.
The Circuit Court's ruling in late July was a major step forward. Ultimately the court's decision could force the National Credit Union Administration (NCUA) to reverse some 2,000 cases where it has illegally broadened credit union memberships.
To have this case draw successfully to a close was a victory of the first order. When the U.S. Court of Appeals announced July 30 that the NCUA should not have permitted multiple, unrelated ...