Bank Groups Sharply Critical Of NCUA Decision On FOM Rules.(National Credit Union Administration...

As expected, the major bank trade associations have issued sharp criticisms of the NCUA board's approval of expanded field of membership rules at its most recent meetings.

Both the American Bankers Association and America's Community Bankers (ACB) have blasted the decision, while all three NCUA board members have issued statements explaining why they support the decision.

"The National Credit Union Administration has once again overstepped its bounds," said ACB. "The expanded regulation issued is contrary to the Federal Credit Union Act and the Credit Unio