CUNA and the National Association of Federal Credit Unions (NAFCU) attended Thursday’s hearing in Alexandria, Va., where the U.S. District Court for the Eastern District of Virginia heard the NCUA’s motion to dismiss the lawsuit brought against it by the Independent Community Bankers of America (ICBA). The court will likely rule on the motion sometime after Jan. 1.
“We appreciate Judge (James) Cacheris’ consideration of NCUA’s motion to dismiss ICBA’s groundless lawsuit. We are confident that NCUA acted well within its authority when it issued its member business lending rule. The CUNA/League system and NAFCU will continue to defend the NCUA’s authority to interpret the Federal Credit Union Act. Main Street small businesses are the lifeblood of our economy, and they need access to capital to succeed. Credit unions are committed to supporting their members’ efforts to grow their businesses and, by extension, to strengthen our nation’s economy,” said Dan Berger, president/CEO of NAFCU, and Jim Nussle, president/CEO of CUNA.
The ICBA filed its suit against the NCUA’s member business lending rule in September, and the NCUA filed its motion to dismiss in response.
CUNA and NAFCU filed an amicus brief last month supporting the NCUA’s motion to dismiss.