A Tennessee banker is suing the National Credit Union Administration for permitting credit unions to accept deposits from outsiders.

Robert B. Murfree, president of Murfreesboro-based First City Bank, charged in his lawsuit that the practice is illegal and creates an uneven playing field.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.