The credit union power grab has yet again gone too far. ICBA and the community banking industry recently said “Enough is enough!”
On Sept. 7, 2016, ICBA filed a lawsuit in federal court against the National Credit Union Administration for an unlawful rulemaking allowing tax-exempt credit unions to exceed commercial lending limits set by Congress. The NCUA rule would dramatically expand lending loopholes for credit unions by allowing them to exclude purchased nonmember commercial loans and participations from the calculation of their aggregate member business loans.
While the lawsuit was ultimately dismissed, ICBA will continue fighting back against NCUA’s unlawful regulations.