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ICBA Will Not Appeal Court Decision
Tuesday, March 28, 2017 6:45 AM

The Independent Community Bankers of America will not file an appeal in its case against the National Credit Union Administration and its member business lending rule, according to reports Monday.

U.S. District Court Judge James Cacheris granted the NCUA's motion to dismiss the banking trade's lawsuit against the NCUA and its member business lending (MBL) rule in January, stating that the grievances were not timely and that ICBA lacked standing.

The lawsuit was filed in the U.S. District Court for the Eastern District of Virginia in September. In November, CUNA and NAFCU jointly filed an amicus brief in support of the NCUA’s motion to dismiss the lawsuit.

The NCUA’s final MBL rule eliminated credit unions’ personal guarantee requirement and the waiver process. NAFCU praised the rule for easing the regulatory burden on credit unions and allowing them the flexibility to safely and soundly address the needs of their small-business members.