The agency that regulates credit unions in Washington state has suspended hearings on the new MBL rule designed to expand business lending after a banking organization filed suit challenging the rules.
The Washington State Division of Credit Unions said it temporarily suspended the four hearings scheduled for this fall at the request of "some of Washington state-chartered credit unions." The hearings were to update the Washington State MBL Rule.
The turnabout came after the Independent Community Bankers of America filed suit Sept. 7 in federal court asking that the NCUA vacate the rule it approved in February. The ICBA accuses the NCUA of overstepping its authority and being unfair to for-profit banks.
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