The Independent Community Bankers of America filed suit in federal court Sept. 7, challenging the NCUA's new MBL rules, contending that the regulations allow credit unions to exceed limitations on business loans that were established by Congress.
In the suit, the ICBA argued that at the same time, the agency is loosening regulatory oversight, creating risks for consumers and the financial system.
In the suit, filed in U.S. District Court for the Eastern District of Virginia, the ICBA asked that the rules be voided.
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