June 29, 2020 / 10:40 PM / 13 days ago

IN BRIEF: Bankers lose bid for SCOTUS review of credit-union expansion regs

The U.S. Supreme Court on Monday let stand a win for the National Credit Union Administration in a literal turf war with the American Bankers Association over a regulation designed to spur the growth of federal credit unions in rural areas and multi-city regions.

The association’s attorneys at Covington & Burling sought review of an August 2019 ruling by the U.S. Circuit Court of Appeals for the District of Columbia, arguing that the court was far too deferential in reviewing the 2016 revisions to the NCUA’s Field of Membership rules. The revisions allow credit unions to serve “rural districts” of up to 1 million people, and “local communities” of up to 2.5 million people in different cities within the same census-defined Combined Statistical Area.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/3gaZZ7O

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