CUMAACredit Union Membership Access Act
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Credit unions regarded as inadequately capitalized under Section 301 of CUMAA (1998) are subject to a range of mandatory actions, such as earnings retentions, lending restrictions, and the prohibition of increases in assets.
CUMAA also introduced a capital regulation system of net worth requirements and prompt corrective action, which came into force in 2000.
In addition, community banks face formidable competition from credit unions due to their tax-exempt status aided by the exemption from provisions of the Community Reinvestment Act, and the recent legislation of CUMAA of 1998.
CUMAA and subsequent NCUA regulations enabled federally chartered credit unions to expand their membership, serve larger geographic areas, and add underserved areas.
Even as the NCUA worked to expand credit unions' adoption of underserved markets, the ABA--I'd swear Keith Leggett wrote this report for NCRC though he denies it--sued the NCUA on a technical glitch in CUMAA to keep credit unions from expanding their service in underserved markets.
said: "I believe the proposed rule oversteps the intent of the CUMAA [the Credit Union Membership Access Act].