JUDGE DASHES HOPES OF CREDIT UNIONS.Byline: Rob Wells Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. The legal brawl brawl n. 1. A noisy quarrel or fight. 2. A loud party. 3. A loud, roaring noise. intr.v. brawled, brawl·ing, brawls 1. To quarrel or fight noisily. 2. over who can join credit unions grew more heated Wednesday, with a federal judge suggesting he might be dealing with a ``rogue federal agency'' and ordering it to rescind To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made. rescind v. 31 recent credit union expansions. U.S. District Judge Thomas Penfield Jackson Thomas Penfield Jackson (born January 10, 1937) was a United States District Court Judge for the District of Columbia. He was appointed in 1982 after serving as president of the District of Columbia Bar Association. He is currently an attorney with the Jackson and Campbell, P.C. accused the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. of acting in collusion An agreement between two or more people to defraud a person of his or her rights or to obtain something that is prohibited by law. A secret arrangement wherein two or more people whose legal interests seemingly conflict conspire to commit Fraud with industry groups to adopt rules that evade his order restricting credit union membership. Jackson said he was considering referring the case to the U.S. attorney to see if federal laws had been broken. ``I think the allegations are extremely serious,'' Jackson said during a hearing in U.S. District Court. Attorneys for the federal agency defended the regulators' conduct and new membership rules and said they were following the guidance of a previous appeals court ruling. Jackson denied requests by the credit union agency, the Justice Department and two credit union trade groups to suspend all or part of his Oct. 31 order preventing credit unions from signing up members who aren't part of their ``core'' charters - such as employees at a single company or members of a trade group. But Jackson didn't take the step most feared by credit unions: ordering an estimated 10.5 million people who joined credit unions under expanded membership rules in recent years to leave their credit unions and seek banking services elsewhere. Jackson's ire was focused on agency rules that expanded the definition of who can join a credit union based on a person's occupation or community. Jackson closely questioned credit union lawyers about their conversations with regulators prior to the rule's approval, which occurred without prior public comment because of what the agency described as ``emergency'' conditions. The judge said the rule ``was adopted collusively with the specific intent to circumvent the terms of the injunction.'' ``I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. if you represent a rogue federal agency here,'' Jackson said to one agency lawyer. The agency said it took emergency action because it believed credit unions' safety and soundness could be harmed by the court order, since millions of consumers potentially would be denied credit union membership, affecting the industry's viability. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion