Point Mugu Credit Union Seeks to Defend Itself in Suit

Point Mugu Federal Credit Union has filed papers in U.S. District Court for the District of Columbia to intervene in a lawsuit challenging its charter.

The lawsuit, filed by California Bankers Assn. and the American Bankers Assn., says the National Credit Union Administration overstepped its bounds when it granted a community charter to the Point Mugu credit union in January.

That charter allows Point Mugu to sign up members from throughout Ventura County, rather than just those who work at the Point Mugu Navy facility.

Dick Cooper, the credit union’s director of marketing, said the lawsuit currently is being defended by U.S. Justice Department lawyers because the named defendant in the court action--the credit union administration--is a federal agency.

Cooper said credit union officials want to defend themselves in the lawsuit because they are familiar with Ventura County and are better qualified to explain why they deserve the community charter.

Point Mugu is the largest credit union headquartered in Ventura County. February assets totaled $137.4 million.