CUNA backs NCUA MBL rule in wake of ICBA lawsuit

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The lawsuit filed against the NCUA by the Independent Community Bankers of America (ICBA) Wednesday is without merit, CUNA President/CEO Jim Nussle said. The ICBA filed its suit in response to the NCUA’s revised member business lending (MBL) rule that was finalized in February.“This baseless attack on the NCUA’s rule ignores the law and the NCUA’s authority in crafting regulations for credit unions,” Nussle said. “This lawsuit lacks merit, and is merely a self-serving publicity stunt to distract community bankers from the real issues that should be concerning them, namely the encroachment by large banks into the business of small banks and their resulting loss of market share.”The lawsuit, ICBA v. NCUA, was filed in the U.S. District Court of the Eastern District of Virginia.CUNA is reviewing the complaint and will take whatever actions necessary to protect credit unions’ interests. Its initial review of the complaint indicates the suit is baseless. continue reading »last_img read more