ICBA’s lawsuit against the National Credit Union Administration was heard in court Thursday as the presiding judge took under consideration the NCUA’s motion to dismiss the case. Senior Judge James C. Cacheris heard from attorneys representing both sides and said he expects to rule on the motion after the first of the year.
“In moving to dismiss ICBA’s complaint, the NCUA has mischaracterized our case, which is both timely and ripe for resolution,” ICBA President and CEO Cam Fine said in a news release afterward. “ICBA continues to reject the NCUA’s attempts to avoid judicial scrutiny and looks forward to a decision in this case based on its merits.”
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.