The two major credit union trade groups have joined forces and hired a prominent Washington-based law firm to fight a lawsuit filed by the Independent Community Bankers of America over the NCUA's member business lending rules.
CUNA and NAFCU have announced they will use Williams & Connolly to challenge the lawsuit filed against the agency.
"With approximately 6,000 credit unions that represent nearly 105 million Americans, NAFCU and CUNA League system will take whatever actions are necessary to protect and defend the interests of credit unions and small businesses," NAFCU President/CEO Dan Berger and CUNA President/CEO Jim Nussle said. "Our trade associations support the NCUA's member business lending rule, which is consistent with the law and allows small businesses more access to the capital they need."
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The ICBA filed suit in federal court earlier in September contending the NCUA's new MBL rules allow credit unions to exceed limitations on business loans that were established by Congress.
In the suit, the ICBA argued that at the same time, the agency is loosening regulatory oversight, creating risks for consumers and the financial system. The bankers asked that the rules be voided.
For its part, the ICBA has established a credit union litigation fund and is soliciting donations on a website that urges visitors to "Stop the CU Grab."
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