ICBA’s legal battle against the NCUA will determine whether the agency may continue sidestepping Congress to the benefit of the tax-exempt industry it is charged with regulating, ICBA President and CEO Cam Fine wrote in a new op-ed.
In American Banker, Fine wrote that the NCUA’s member-business-lending rule expands government-sponsored advantages for credit unions, introduces new risks to the financial system, and is illegal based on existing law. 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. Read the Op-Ed. Learn More and Take Part.