The U.S. District Court of the Eastern District of Virginia dismissed the lawsuit filed against the National Credit Union Administration (NCUA) over the agency’s member business lending (MBL) rule.
The Court dismissed the suit on procedural grounds but also indicated the suit would have been dismissed on the merits as well.
The Court agreed with NCUA that the lawsuit was time-barred and the plaintiff, Independent Community Bankers of America, lacked standing.
The Court noted that even if the plaintiff could establish that it had standing and the lawsuit was filed in a timely fashion, the Court would still find that the regulation would pass muster under the Administrative Procedure Act and Chevron.
Anyone reading this post by Leggett should go to today's Credit Union Times and read the short article on ICBA's reaction to losing the MBL lawsuit.
ReplyDeleteOnce you do, consider this:
The lawsuit was practically called frivolous by the judge because of BASIC legal issues including ICBA did not even have standing.
Camden Fine says he is "deeply disappointed ".
Then goes to the typical lobbyist formula by saying he and ICBA are deeply committed to dealing with the non tax paying credit unions.
Replace Fina with Nussle, Berger or the knucklehead running ABA.
replace ICBA with CUNA, nafcu and ABA.
Here is who should be "deeply disappointed ".
The member DNA customers of banks and credit unions who don't benefit from the lobbyist leaches that waste the bank and credit union money.
Here is who is not "deeply disappointed ".
Lobbyists and congress who benefit financially from this distorted and corrupted game of pretend.
Instead of figuring out more ways to fleece banks, ICBA should have spent more time effectively dealing with the outdated tax exemption.
When will banks and credit unions realize they're wasting money on lobbyists?
ReplyDeleteDefinition of insanity.