Court Dismisses MBL Lawsuit Filed Against NCUA
On Tuesday, U.S. District Court of the Eastern Virginia District granted National Credit Union Administration’s (NCUA) motion to dismiss a lawsuit filed by the Independent Community Bankers of America (ICBA) against the agency and its member business lending rule.
This lawsuit has been a point of contention with CUNA and the League system–CUNA’s President and CEO Jim Nussle has been outspoken about it being another meritless attack on credit unions from bankers. The court’s dismissal is a sign of tireless advocacy work on behalf of CUNA, the League and credit unions around the nation.
"MCUL and CUNA are pleased with this important court decision that sided with America's credit unions against the self-serving banking industry that was simply trying to limit competition,” said MCUL President and CEO Dave Adams.
Jim Nussle also lauded the dismissal, saying, “The court made the right decision in granting NCUA’s motion to dismiss the groundless suit. It also sent a clear message that NCUA acted well within its statutory authority when it issued its member business lending rule. This is a huge win for [credit unions] and Main Street businesses, which look to credit unions to secure much-needed access to capital.”
“This is a win for credit unions, for small businesses and for the CUNA/League System as we work to remove barriers and to protect the credit union charter," said Adams.
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