League sources reported yesterday that the Independent Community Bankers of America will not appeal the recent Member Business Lending court decision. “ICBA has decided not to file an appeal in its lawsuit challenging the National Credit Union Administration’s commercial lending rule,” ICBA President Cam Fine said in a statement.
“Instead, ICBA will explore all avenues for redress of NCUA’s unjustified and outrageous expansion of limitations on credit union commercial lending activities under current congressional statutes.”
ICBA said the case “illustrates the difficulty in challenging agency rules in light of the Chevron doctrine.”
“ICBA will continue to call on Congress to prevent credit unions and their captive regulator from continuing to unreasonably expand their activities beyond any limits justified by their tax exemption, especially at the expense of taxpaying community banks,” said Fine.
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