Member business lending rule a major victory for America’s small businesses
WASHINGTON, DC (February 18, 2016) — The National Credit Union Administration approved a final rule, supported by the Credit Union National Association (CUNA), that represents a complete overhaul of the NCUA’s member business lending regulation. CUNA president/CEO Jim Nussle released the following statement:
“Expanding credit union member business lending to empower credit unions with greater flexibility and autonomy in offering commercial loans is a major victory for America’s small businesses and job creators. We thank the NCUA for removing nearly all requirements on member business lending that are not included in the Federal Credit Union Act. CUNA worked closely with the agency to ensure the Personal Guarantee waiver would be effective 60 days after publication and we will continue to work with the agency to comment on guidance for the benefit of all credit unions.”
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.