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.
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