OLYMPIA, Wash.—The Independent Community Bankers Association (ICBA) lawsuit challenging NCUA’s final rule related to MBLs has prompted the Washington Division of Credit Unions to temporarily suspended its member business loan rulemaking process, the division stated on its website.
As CUToday.info reported here, in September, the ICBA filed a lawsuit against NCUA challenging what it claims is the agency’s “unlawful commercial lending rule” issued earlier this year.
Due to the lawsuit, some of Washington state-chartered credit unions requested to the Director of Credit Unions to temporarily suspend the pending rulemaking process to update the Washington State Member Business Lending Rule, the division stated.
“We concur that, while the Division of Credit Unions and credit unions analyze this lawsuit and its implications (if any) for Washington State, it would be prudent to temporarily suspend our rulemaking process at this time,” the division said, noting that it has cancelled four rulemaking meetings throughout the end of the year.
The division noted that it will publish another Bulletin “when we make a decision about resuming the rulemaking process. That Bulletin will (as applicable) contain an announcement of alternative meeting dates,” the Division said.