ABA Files Motion To Support ICBA Lawsuit Against NCUA

WASHINGTON—The American Bankers Association has filed a motion for leave to submit an amicus brief supporting the Independent Community Bankers of America’s lawsuit against NCUA over its revised member business loan rule, which takes effect next month.
 
The ABA also suggests that a decision on its motion be delayed until the court decides on NCUA’s motion for dismissal, stated NAFCU in its analysis of the action.
 
The ICBA filed its suit in the U.S. District Court for the Eastern District of Virginia. Last month, NAFCU and CUNA jointly filed an amicus brief supporting NCUA, arguing that NCUA’s interpretation of the Federal Credit Union Act in the rule is well within the agency’s legal authority. They also refute the ICBA’s assertion that the NCUA has, through rulemaking, changed the definition of what is a member business loan.