The Independent Community Bankers of America filed suit in federal court on Wednesday, challenging the NCUA's new MBL rules, contending that the regulations allow credit unions to exceed limitations on business loans that were established by Congress.
In the suit, the ICBA argues that at the same time, the agency is loosening regulatory oversight, creating risks for consumers and the financial system.
In the suit, filed in U.S. District Court for the Eastern District of Virginia, the ICBA asks that the rules be voided.
What do you think about the ICBA lawsuit against the NCUA over MBL rules?The new rules allow credit unions to exceed limitations placed on it by Congress and gives the institutions a huge advantage over community banks, since credit unions are tax exempt, the ICBA said.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.
