The Independent Community Bankers of America has filed a lawsuit against the National Credit Union Administration, challenging the agency’s rulemaking on member business lending by credit unions as unlawful and exceeding the reach of the regulator.
The rulemaking by NCUA changed the standards for credit unions on making commercial loans, including dropping the member guarantee requirement and changing the way commercial loans are counted toward statutory limits.
On a conference call, ICBA President and CEO Camden R. Fine made a passionate case for the association’s position and said it “filed a very solid case."