Washington Division of Credit Unions has temporarily suspended its member business loan (MBL) rule-making process due to the Independent Community Bankers Association (ICBA) lawsuit challenging the National Credit Union Administration (NCUA) recently adopted final rule related to MBLs.
As a result of the ICBA lawsuit, some Washington state-chartered credit unions requested that the Director of Credit Unions to temporarily suspend the pending rule-making process to update the Washington State MBL Rule.
The Division of Credit Unions concurred with the requests. The state credit union regulator believes temporarily suspending the rule-making will give it time to analyze this lawsuit and its implications for Washington State.
Read the notice.
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