CUNA Files Brief In Lawsuit Over NCUA Repeal of CAP

CUNA last week filed a friend-of-the-court brief in support of the repeal of NCUA's Community Action Plan (CAP). The brief was filed in response to a lawsuit by the National Community Reinvestment Coalition (NCRC) that argues the agency violated the Administrative Procedures Act (APA) in the way it approved the repeal. "NCRC's procedural challenge is baseless. NCUA's interim final rule complied with both the letter and the spirit of the APA," CUNA said in its brief. CUNA General Counsel Eric Richard said NCUA had good cause in approving the repeal, and that the NCRC's position that there was not adequate public comment ignores the fact 415 of the 428 comment letters received by the agency called for repeal.

-From CU Journal reports