Bankers win credit union decision
Northwestern Financial Review, Jan 1-Jan 14, 2005
The banking industry won a victory over the credit union industry when a U.S. District Court ruled the National Credit Union Administration needs to take another look at a Utah credit union's application to expand its field of membership. The court said the regulator had not followed proper procedures in considering the application of Tooele Federal Credit Union to expand its common bond, and it sent the case back to NCUA for reconsideration.
Tooele's application, which NCUA approved in April 2003, expanded its community charter from Tooele County, a largely rural county, to five additional counties that are home to almost 60 percent of Utah's total population.
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