CUNA: MBL proposal ‘not perfect,’ comments needed

It is critically important for credit unions to make their voices heard regarding the National Credit Union Administration’s member business lending (MBL) proposal, CUNA told its members during a webinar Thursday.

Chief Advocacy Officer Ryan Donovan, Chief Policy Officer Bill Hampel and Senior Director of Advocacy Lance Noggle reiterated that credit unions should bring any questions or suggestions regarding the proposal to the agency before comments are due Aug. 31.

“We hope everyone will take the time to write the NCUA on how what they’ve proposed will affect your credit union,” Donovan said. “We generally support the basic direction that they’re headed, but there are some areas that we think could be improved upon, and we hope you’ll bring those issues up in your letters, as we will.”

He added that CUNA is engaging with stakeholders on the grassroots level as well as contacting members of Congress, particularly those who have been involved with MBL legislation, to weigh in.

“We really need thoughtful, substantive letters from business lending credit unions if we’re going to see this proposal finalized in a manner similar to what has been proposed,” Donovan said.

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