Washington, D.C. (Jan. 24, 2017)— Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released this statement on a federal court decision in ICBA’s lawsuit against the National Credit Union Administration.
“ICBA is deeply disappointed in today’s decision from the U.S. District Court for the Eastern Division of Virginia granting the NCUA’s motion to dismiss ICBA’s lawsuit challenging the NCUA’s commercial lending rule.
“If the decision stands, tax-exempt credit unions will be permitted to exceed Congressional limitations on commercial lending activity under relaxed regulatory oversight, thereby posing a tangible threat to community banks, consumers and the financial system at large.
“Along with our counsel, we are evaluating the decision and our options. Regardless of today’s decision, ICBA will continue to pursue efforts to level the tax and regulatory playing fields between community banks and credit unions through all avenues.”
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.