Archive

Go to:

October 2017
SMTWTFS
1234567
891011121314
15161718192021
22232425262728
293031
< Sep Nov >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Court Dismisses Bankers’ Frivolous MBL Lawsuit Against NCUA
Wednesday, January 25, 2017 6:50 AM

The Credit Union National Association and the National Association of Federally Insured Credit Unions issued a statement Tuesday regarding U.S. District Court Judge James Cacheris’ granting of the National Credit Union Administration’s motion to dismiss the lawsuit filed by the Independent Community Bankers of America against the agency and its member business lending rule.

“The court made the right decision in granting NCUA’s motion to dismiss ICBA’s groundless lawsuit,” said Dan Berger, president/CEO of NAFCU, and Jim Nussle, president/CEO of CUNA. "We had maintained all along that this was nothing more than a frivolous and ill-conceived effort by the bankers. Today’s decision is a clear message that NCUA acted well within its statutory authority when it issued its member business lending rule. The CUNA/League system and NAFCU applaud today’s ruling because it is a huge win for Main Street businesses which look to credit unions to secure much-needed access to capital."

“This is great news for credit unions, for NCUA, and for businesses that rely on assistance from the credit union movement," said Suzanne Yashewski, Cornerstone SVP regulatory compliance. "I anticipate that we will see a similar resolution to the Banker’s FOM litigation efforts.”

According to the court’s opinion, the lawsuit was dismissed based on ICBA’s lack of standing and timeliness. In his opinion, Judge Cacheris stated that even if the ICBA had established standing and timeliness, the court said it still would have found that the rules satisfied the requirements established by the Administrative Procedures Act and existing case law.

About CUNA
With its network of affiliated state credit union leagues, Credit Union National Association serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit cuna.org or follow @CUNA on Twitter.

About NAFCU
The National Association of Federally Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to nafcu.org or @NAFCU on Twitter.