Credit union trade groups statement on today’s federal court hearing on ICBA vs. NCUA lawsuit
WASHINGTON, DC (December 16, 2016) — The Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) issued this statement today regarding today’s federal court hearing before U.S. District Court Judge James Cacheris. The hearing was to consider the motion to dismiss the lawsuit filed by the Independent Community Bankers of America (ICBA) against the National Credit Union Administration and its member business lending rule.
“We appreciate Judge 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 judge said he expects to rule on the motion after the first of the year.
About NAFCU
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
About CUNA
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.
