Community bankers have lost millions of dollars in commercial loans to credit unions that can offer more favorable loan terms because of their tax exemption, the Independent Community Bankers of America contends in its latest salvo in the legal battle over the NCUA's new Member Business Loan rules.
"When credit unions compete against ICBA's member banks for commercial loans, they do so on an uneven playing field," Christopher Cole, ICBA's executive vice president and senior regulatory counsel, said in documents filed asking a federal judge in Virginia to reject NCUA's motion to dismiss the suit.
In the suit, the ICBA argued that at the same time, the NCUA is loosening regulatory oversight, creating risks for consumers and the financial system. The bankers asked that the rules be voided.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
