NCUA heeds NAFCU’s call to reinstate removed FOMs

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Following NAFCU’s request Monday that the NCUA reinstate any field of membership (FOM) statements removed due to litigation related to its 2016 FOM rule, the NCUA Tuesday issued a Letter to Credit Unions saying it is in the process of doing so.The U.S. Supreme Court last week declined to hear the lawsuit brought by the American Bankers Association (ABA) against the NCUA over the agency’s 2016 FOM rule. NAFCU President and CEO Dan Berger said now that the legal questions are resolved, “[t]o streamline the chartering process, the NCUA should provide for a blanket reinstatement of any FOM statements removed due to the litigation. Reinstatement will allow for a quick and seamless process for credit unions to continue to provide vital financial services to re-adopted members, particularly in underserved areas.”In the Letter to Credit Unions, NCUA Chairman Rodney Hood said the Supreme Court’s decision “ends nearly four years of uncertainty and helps the NCUA foster greater financial inclusion for all Americans.”“The lack of financial access is especially prevalent in rural communities, which have experienced the withdrawal of financial institutions over the last decade. The Supreme Court’s decision will assist the agency’s efforts to bring these important and often overlooked communities back into the financial mainstream,” Hood added.last_img read more

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Syverud discusses Syracuse University’s NCAA appeals rationale

first_img Facebook Twitter Google+ Published on October 19, 2015 at 4:39 pm Contact Brett: [email protected] | @Brett_Samuels27 Syracuse University chose to appeal certain NCAA penalties levied in March based on penalties imposed in similar situations at similar universities, Chancellor Kent Syverud said Monday.The university consulted widely with counsel, student-athletes and athletics department leadership before deciding to appeal, Syverud said in an interview with The Daily Orange. The decision to appeal was partly because of the belief that the penalties imposed on SU were disproportionate to previous similar incidents at other schools, he said.“So we chose to appeal the areas where we thought there was a good faith argument to that effect,” Syverud said.The university appealed the reduction in men’s basketball scholarships and vacation of certain men’s basketball wins in March, 12 days after the NCAA report was released. It is unclear when the NCAA will announce the results of the appeal.In March, the NCAA handed down punishments that included a reduction in men’s basketball scholarships, a reduction in off-campus recruiters, vacation of wins for the men’s basketball and football teams and a nine-game suspension for men’s basketball head coach Jim Boeheim to be served this season beginning at the start of ACC play.AdvertisementThis is placeholder textBoeheim chose to appeal the portion of his nine-game suspension that forbids him from coaching the team during practice. Commentscenter_img Related Stories Jim Boeheim will reportedly attend NCAA appeal hearing MondayExamining the appeal process as 15-day deadline approaches for Jim Boeheim, SyracuseSyverud: SU considering appeal of certain findings in NCAA reportlast_img read more

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