Washington state’s financial services regulator suspended an update to its rules on credit union member business loans due to ICBA’s lawsuit against the National Credit Union Administration. Following a request from some state-chartered credit unions, the Washington State Department of Financial Institutions cancelled upcoming rulemaking meetings while the department’s Division of Credit Unions analyzes the lawsuit. ICBA’s lawsuit challenges an NCUA rule allowing credit unions to exclude nonmember commercial loans or participations from the cap on member business loans set by Congress. The rule is contrary to the plain language of federal law, which expressly limits the amount of commercial loans that may be held on credit union balance sheets.