The U.S. District Court for the Eastern District of Virginia is scheduled Thursday to take up the NCUA’s motion to dismiss the Independent Community Bankers of America’s (ICBA) lawsuit against the agency and its member business lending rule. CUNA and the National Association of Federal Credit Unions (NAFCU), which have jointly moved to file an amicus brief, will be present.
The ICBA filed its suit in September. In their amicus brief, CUNA and NAFCU argue that the NCUA’s interpretation of the Federal Credit Union Act in the rule is well within the agency’s legal authority.
The organizations also refute the ICBA’s assertion that the NCUA has, through rulemaking, changed the definition of what is a member business loan.
The American Bankers Association has filed for leave to submit an amicus brief supporting ICBA.