ICBA’s lawsuit against the National Credit Union Administration today is scheduled to have its first hearing in court. The U.S. District Court for the Eastern Division of Virginia will consider and possibly decide on the NCUA’s motion to dismiss ICBA’s case against the agency’s unlawful commercial lending rule.
ICBA last month called on the court to reject the NCUA’s mischaracterization of the case, which is both timely and ripe for resolution. ICBA’s response demonstrates the association’s standing in the case by outlining the tangible financial harm to community banks and local communities caused by the NCUA’s flawed rule.
ICBA’s suit charges that the NCUA’s final rule on member business lending would allow tax-exempt credit unions to exceed limitations on commercial lending activity. Responding to community bankers who have asked how they can help ICBA’s legal challenge, ICBA has established the ICBA Credit Union Litigation Fund allowing community bankers to provide voluntary contributions. Learn More and Take Part.