A federal judge in Virginia on Tuesday dismissed the suit filed by community bankers challenging the NCUA's new Member Business Lending Rules.
Judge James C. Cacheris of the Eastern District of Virginia said the lawsuit filed by the Independent Community Bankers of America had no substantive merit, adding that he also was dismissing the case on procedural grounds.
"In short, the challenged regulations reflect a reasonable interpretation of the Federal Credit Union Act," Cacheris wrote.
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