|ICBA, ABA Lawsuits Featured Ahead of Thursday Hearing
|ICBA and American Bankers Association lawsuits against the National Credit Union Administration are profiled in a new American Banker story ahead of a hearing in ICBA’s case slated for this week. The article details the two-pronged challenge by ICBA and the ABA against the agency’s member-business-lending and field-of-membership regulations, respectively.
ICBA’s suit charges that an NCUA final rule would allow tax-exempt credit unions to exceed limitations on commercial lending activity, while the ABA argues that a separate rule ignores statutory requirements on membership. Each association is planning to submit a friend-of-the-court brief in support of the other’s suit.
While ICBA prepares for a court hearing on its member-business-lending suit scheduled for this Thursday, the association also submitted comments on the expanded membership rules issued in October (more on that below). Together, the initiatives represent a comprehensive response to an agency that has become a cheerleader for the industry it is charged with regulating.
"Enough is enough,” ICBA President and CEO Cam Fine said as ICBA declared support for the ABA suit. “No longer should the NCUA be allowed to stretch the law beyond its breaking point to serve as the tax-exempt credit union industry’s regulatory rubber stamp.”
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.