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Federal Court Dismisses MBL Lawsuit "Credit News 24"

The U.S. District Court of the Eastern District of Virginia dismissed the lawsuit filed against the National Credit Union Administration (NCUA) over the agency’s member business lending (MBL) rule.

The Court dismissed the suit on procedural grounds but also indicated the suit would have been dismissed on the merits as well.

The Court agreed with NCUA that the lawsuit was time-barred and the plaintiff, Independent Community Bankers of America, lacked standing.

The Court noted that even if the plaintiff could establish that it had standing and the lawsuit was filed in a timely fashion, the Court would still find that the regulation would pass muster under the Administrative Procedure Act and Chevron.
Title : Federal Court Dismisses MBL Lawsuit "Credit News 24"
link : Federal Court Dismisses MBL Lawsuit "Credit News 24"