The Independent Community Bankers of America (ICBA) filed suit in federal court on Wednesday, challenging the National Credit Union Administration’s new member business lending (MBL) rule.
The National Credit Union Administration (NCUA) finalized its MBL rule at its February 18, 2016 board meeting.
ICBA contends that the regulation allows credit unions to exceed limitations on business loans that were established by Congress in 1998.
The lawsuit, Independent Community Bankers of America v. National Credit Union Administration, was filed in the U.S. District Court of the Eastern District of Virginia.
John Fairbanks, NCUA Public Affairs Specialist, said: "NCUA is reviewing the complaint, and the agency will respond.”
Read the story in The Hill.
Read the complaint.
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There are approximately 5,000 credit unions and fewer than 30 are anywhere near their member business loan cap. Sadly, the NCUA will spend the credit union treasury for less than 1% of those they regulate. How do you say MISPLACE PRIORITIES?
ReplyDeleteICBA-idiots. They don't even have standing. A bank has to come forward and prove how they've been harmed. Why hasn't one?
ReplyDeleteCUNA and NAFCU- idiots. Instead of getting it done on improvements for the charter, they're reduced to writing letters and false, misleading white papers.
NCUA- the "rogue agency" in need of accountability.
Congress- a confederacy of peacocks and clowns, not doing their job with this and everything else.
Meanwhile, banks and credit unions continue to throw money down the toilet on trade associations.