FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communications; 202-329-9950; email@example.com
Washington, DC (September 7, 2016) – Credit Union National Association president/CEO Jim Nussle activated the CUNA/League system to reject the allegations filed today by the Independent Community Bankers Association (ICBA) against the National Credit Union Administration (NCUA) regarding its revised member business lending rule.
“This baseless attack on the NCUA’s rule ignores the law and the NCUA’s authority in crafting regulations for credit unions,” said CUNA president/CEO Jim Nussle. ““This lawsuit lacks merit, and is merely a self-serving publicity stunt to distract community bankers from the real issues that should be concerning them, namely the encroachment by large banks into the business of small banks and their resulting loss of market share.”
CUNA is reviewing the complaint and will take whatever actions necessary to protect credit unions’ interest. Our initial review of the complaint indicates the suit is baseless. The NCUA’s member business lending rule is consistent with the law, which provides significant constraints on credit union member business lending. CUNA believes the NCUA acted appropriately and followed all procedures when issuing the rule. Further, the rule falls well within its statutory authority to interpret the application of the member business lending cap.