NCUA MBL Banker Challenge in Court Today Posted by Association of Vermont Credit Unions on 1:43 PM

The U.S. District Court for the Eastern District of Virginia was scheduled to take up NCUA’s motion to dismiss the Independent Community Bankers of America’s (ICBA) lawsuit challenging the agency’s member business lending rule today.  CUNA and the National Association of Federal Credit Unions (NAFCU) jointly filed an amicus brief in the case.

The ICBA filed its suit in September. In their amicus brief, CUNA and NAFCU argue that the NCUA’s interpretation of the Federal Credit Union Act in the rule is well within the agency’s legal authority. The organizations also refute the ICBA’s assertion that the NCUA has, through rule-making, changed the definition of what is a member business loan.

The American Bankers Association has filed for leave to submit an amicus brief supporting I
CBA.