CUMAACredit Union Membership Access Act
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(8.) For discussion of the background to CUMAA, see Frame, Karels, and McClatchey (2002).
(12.) The CUMAA specifies mandatory actions for credit unions that do not meet capital adequacy standards.
The CUMAA authorized multiple common-bond credit unions, (47) requiring that each of the select employee groups (SEGs) have its own "common bond of occupation or association" (48) and have less than 3,000 members.
The most important provision in the CUMAA for the consideration of this Note is the provision in section 109 concerning underserved areas.
The CUMAA states three requirements for an area to be underserved.
Following the passage of the CUMAA, the NCUA passed new regulations regarding the organization and field of membership of credit unions.
In applying the first prong of Chevron, it is clear that while the CUMAA allowed multiple common-bond credit unions to expand into underserved areas, the absence of statutory language that would allow non-multiple common-bond credit unions to do the same does not specifically prohibit those credit unions from doing so.
(100) On the other hand, the Senate report on the matter contains language explicitly stating that the underserved area exception applies to multiple common-bond credit unions, but is silent as to whether the CUMAA precludes other types of credit unions from doing so.
CUMAA and subsequent NCUA regulations enabled federally chartered credit unions to expand their membership, serve larger geographic areas, and add underserved areas.