ICBA announced its strong support for the American Bankers Association’s lawsuit challenging the National Credit Union Administration’s field-of-membership rule, which drastically increases the powers of tax-exempt credit unions beyond their statutory limits.
In a news release, ICBA said it will participate in the lawsuit through a friend-of-the-court brief to push back against the NCUA’s expansionary rules.
ICBA also is preparing comments on the field-of-membership rules issued in October. Meanwhile, the association continues its separate lawsuit against the NCUA’s unlawful commercial lending rule.
Responding to community bankers who have asked how they can help ICBA’s legal challenge, ICBA has established the ICBA Credit Union Litigation Fund. The fund allows community bankers to provide voluntary contributions to ICBA’s lawsuit against the NCUA. Learn More and Take Part.