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ICBA Commends Magistrate’s Decision in Texas Credit Union Case

Washington, D.C. (August 18, 2005) - The Independent Community Bankers of America (ICBA) applauded today the recommendation of the federal magistrate to issue a preliminary injunction requiring the National Credit Union Administration (NCUA) to validate the member vote of Community Credit Union (CCU) in Plano, Texas, to convert to a mutual savings bank.

"We are pleased that the magistrate supported the arguments made in the amicus brief filed by ICBA, America's Community Bankers and 33 state trade associations that NCUA's action to invalidate CCU's member vote in favor of conversion was arbitrary and capricious," said Camden R. Fine, president and CEO of ICBA. "ICBA supports the right of a financial institution to choose the type of charter under which it operates. This decision is a significant step towards ensuring the right of every credit union to choose the charter that will best serve its members and community."

The magistrate will be sending his findings and recommendations to the U.S. District Court Judge for the Eastern District of Texas.