NCUA Chairman Hood Statement on the Appeals Court Decision Regarding Field-of-Membership Rule

August 2019

ALEXANDRIA, Va. (Aug. 20, 2019) – National Credit Union Administration Chairman Rodney E. Hood issued the following statement in response to today’s D.C. Circuit Court of Appeals decision in American Bankers Association v. National Credit Union Administration:

“The NCUA is pleased with today’s Court of Appeals decision. The agency is still reviewing that decision. In the near future, we will provide guidance for affected credit unions.”

The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.

Rodney E. Hood