The Independent Community Bankers of America (ICBA) has until March 27 to appeal U.S. District Court Judge James Cacheris’ granting of National Credit Union Administration’s motion to dismiss the banking trade's lawsuit against NCUA and its member business lending rule. CUNA and NAFCU previously reported that that the appeal was due February 23.
CUNA and NAFCU remain confident that the court will uphold the District Court’s ruling regardless of any appeal.
The court dismissed the suit on procedural grounds but also indicated the suit would have been dismissed on the merits as well.
The NCUA finalized its MBL rule last year, eliminating most requirements not present in the Federal Credit Union Act. The ICBA sued the agency in September, and CUNA filed its amicus brief in support of the rule in November.