Power Financial Credit Union v. National Credit Union Administration Board

The main issue in this appeal is whether an agreement for a Florida credit union to purchase mortgages of non-members was unenforceable under Florida law. Power Financial Credit Union agreed to purchase a pool of mortgages from the National Credit Union Administration. As a Florida credit union, Power Financial by statute can purchase mortgages only when the mortgage debtors are members of the credit union, Fla. Stat. § 657.038(15) (2010), but none of the mortgage debtors in the pool offered by the Administration were members of Power Financial. The Administration later cited concerns about…