The two major credit union trade groups have joined forces and hired a prominent Washington D.C. law firm to fight a lawsuit filed by the Independent Community Bankers of America over the NCUA's member business lending rules.
CUNA and NAFCU have announced they will use Williams & Connolly to challenge the lawsuit filed against the agency.
“With approximately 6,000 credit unions that represent nearly 105 million Americans, NAFCU and CUNA League system will take whatever actions are necessary to protect and defend the interests of credit unions and small businesses,” said Dan Berger, president/CEO of NAFCU, and Jim Nussle, president/CEO of CUNA. “Our trade associations support the NCUA's member business lending rule, which is consistent with the law and allows small businesses more access to the capital they need.”
The ICBA filed suit in federal court earlier this month contending the NCUA's new MBL rules 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. The bankers asked that the rules be voided.
For its part, the ICBA has established a credit union litigation fund and is soliciting donations on a website that urges visitors to “Stop the CU Grab.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
