Sept 7 The Independent Community Bankers of
America (ICBA), a trade group that represents 6,000 community
banks, said it has filed a lawsuit against the National Credit
Union Administration (NCUA), challenging a commercial lending
rule it issued earlier this year.
The rule will allow tax-exempt credit unions to exceed
limits on commercial lending established by Congress while
relaxing regulatory oversight, ICBA said on Wednesday.
The National Association of Federal Credit Unions (NAFCU)
said in response that the NCUA rule issued in February is "a
well-considered approach" to serve its members by "eliminating
red tape" and "remaining within the letter and the spirit of the
NAFCU focuses on federal issues affecting the nation's
federally-insured credit unions.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb