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Lawmakers were urged not to be taken in by bankers' false claims about NCUA's revised member business lending rule for credit unions in a message to the Hill last night from association Vice President of Legislative Affairs Brad Thaler.

The bankers – in particular, the Independent Community Bankers of America, which is suing NCUA over the rule – are continuing to peddle bad information and untruths about the rule. In short, they are claiming that NCUA's rule is the agency's attempt to get around statutory MBL limits.

"Despite what the ICBA claims, the rule does not change the statutory cap on credit union member business lending. Only Congress has that power," said Thaler. "That is why we urge you to listen to your credit unions and support legislative efforts to provide relief from the cap."

Thaler, writing in response to the banking trade's latest attack yesterday, told lawmakers about the visits credit unions are making to Capitol Hill this week in conjunction with NAFCU's Congressional Caucus. He said the credit unions' leaders are focusing on a number of key issues important to all community institutions – for example, the need for national data security standards, repeal of interchange price caps, regulatory relief and more. He added, "Credit unions will also be talking about how they can help the economy through making business loans to their members."

NAFCU wrote lawmakers Sept. 7 to set the record straight on NCUA's MBL rule. Thaler, thanking lawmakers for supporting credit unions, included a copy of that letter with Monday's message.