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: The hearing on the FDIC’s motion to dismiss is scheduled for March 13. The MBA’s next brief is due on February 14 and the FDIC must reply by February 28.
Complaint FDIC Response MBA's Amended Complaint FDIC Motion to Dismiss