Washington, D.C. (March 27, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released this statement on ICBA’s lawsuit against the National Credit Union Administration.
“ICBA has decided not to file an appeal in its lawsuit challenging the National Credit Union Administration’s commercial lending rule. Instead, ICBA will explore all avenues for redress of NCUA’s unjustified and outrageous expansion of limitations on credit union commercial lending activities under current congressional statutes. We remain deeply concerned with the tangible threat this poses to community banks, consumers and the financial system at large.
“The case illustrates the difficulty in challenging agency rules in light of the Chevron doctrine, which gives deference to agency rulemaking and determinations. ICBA will continue to call on Congress to prevent credit unions and their captive regulator from continuing to unreasonably expand their activities beyond any limits justified by their tax exemption, especially at the expense of taxpaying community banks.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 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 ICBA’s website at www.icba.org.