Washington, D.C. (Dec. 7, 2016)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released this statement on a new lawsuit against the National Credit Union Administration.
“ICBA strongly supports the American Bankers Association’s lawsuit challenging the National Credit Union Administration’s rule, which drastically increases the powers of tax-exempt credit unions beyond their statutory limits. ICBA will participate in the lawsuit through a friend-of-the-court brief to push back against the NCUA’s illegal and expansionary field-of-membership rules.
"The NCUA rule is the latest example of the captive regulator inappropriately and illegally extending the industry’s taxpayer-subsidized competitive advantage over taxpaying community banks. If credit unions want to eliminate common-bond requirements and operate like banks, they should be taxed like them and required to meet the same set of regulatory standards.
“ICBA looks forward to supporting this legal challenge while continuing its separate lawsuit against the NCUA’s unlawful commercial lending rule issued earlier this year. ICBA also will comment on a new NCUA proposal to further expand the field-of-membership rules by dramatically increasing from 2.5 million to 10 million the population limit that a community credit union applicant can apply to a community consisting of a Core Based Statistical Area or a Combined Statistical Area.
"Enough is enough. No longer should the NCUA be allowed to stretch the law beyond its breaking point to serve as the tax-exempt credit union industry’s regulatory rubber stamp.”
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.
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