Washington, D.C. (Dec. 15, 2016)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released this statement on today’s federal court hearing on ICBA’s lawsuit against the National Credit Union Administration. At the hearing, Senior Judge James C. Cacheris took under consideration the NCUA’s motion to dismiss ICBA’s case and said he expects to rule on it after the first of the year.
“ICBA vigorously defended its case against the NCUA at today’s hearing and looks forward to a decision from the U.S. District Court for the Eastern Division of Virginia on the NCUA’s motion to dismiss the case. Our case against the NCUA’s unlawful commercial lending rule is strong, as indicated by the agency’s attempts to bend over backward to evade judicial review.
“In moving to dismiss ICBA’s complaint, the NCUA has mischaracterized our case, which is both timely and ripe for resolution. ICBA has made it clear that community banks, consumers and the financial system at large are threatened by the NCUA’s rule allowing tax-exempt credit unions to exceed congressional limits on commercial lending activity.
“In fact, ICBA has clearly demonstrated the tangible financial harm to community banks and local communities caused by the NCUA’s flawed rule, which would exceed limitations on commercial lending activity established by Congress while relaxing regulatory oversight. Indeed, ICBA is in the best position to bring the suit on behalf of its members.
“ICBA continues to reject the NCUA’s attempts to avoid judicial scrutiny and looks forward to a decision in this case based on its merits.”
The Independent Community Bankers of America®, the nation’s voice for nearly 6,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.