An ICBA-supported lawsuit challenging the National Credit Union Administration’s field-of-membership rule is making headlines this week. The American Bankers Association’s lawsuit, which ICBA will participate in via a friend-of-the-court brief, was reported by The Wall Street Journal, American Banker, Morning Consult, Credit Union Times and others.
The suit charges that the NCUA’s rule drastically increases the powers of tax-exempt credit unions beyond their statutory limits. Meanwhile, ICBA is preparing comments on the rule while it 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.