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FDIC Lawsuit

The MBA is the Champion for Minnesota Bankers, and we take our advocacy role on behalf of the banking industry very seriously. We not only work hard, but we also achieve measurable, positive results.

This year, the MBA has taken on a bold, new advocacy initiative: suing a federal regulator over its alleged regulatory overreach. We did not take this action lightly. The MBA Board and staff gave this matter the consideration it deserved. In the end and with the advice of outside counsel, the Board voted to support the industry by filing this lawsuit. We are grateful to Lake Central Bank for joining this suit, which makes our case even stronger.

Winning this lawsuit will have a positive effect on this specific issue. Equally as important, it will send a message to the FDIC and all the other bank regulators that we are watching them closely and that we expect them to follow the laws and regulations that govern their operations.

Update: On April 8, U.S. District Court Judge Magnuson granted the FDIC’s motion to dismiss the MBA and Lake Central Bank’s case against the FDIC. The MBA and Lake Central Bank are weighing their options.


FDIC Response

MBA's Amended Complaint

FDIC Motion to Dismiss

Plaintiff's Memorandum  

FDIC Reply Memorandum

Order Granting Motion to Dismiss