A new brief in the ongoing legal challenge over the National Credit Union Administration’s (NCUA) field-of-membership (FOM) rule argues that the rule theoretically permits credit unions to engage in redlining, a practice heavily regulated in the banking industry.
Banking trade associations contend that the rule allows credit unions to serve a metropolitan area without serving its urban core, despite arguments to the contrary levied by credit union trade advocates.
Find out more details about the latest developments in the matter.