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MBL Rule Raises Legality Questions

MBL rule ushers in a new era of principles-based regulation at the NCUA.

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NCUA Board Member J. Mark McWatters, questioned how the final MBL rule will affect state regulators during the monthly board meeting.

A concern over states’ rights and a question about the NCUA’s legal authority over the member business lending proposal during an NCUA board meeting Feb. 18 prompted a Hail Mary pass by one board member.

The monthly board meeting ended with a contentious board member discussion, as proposed changes to wording in the MBL proposal from Board Member J. Mark McWatters prompted a tense exchange at the end of the meeting.

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