WASHINGTON, DC (May 8, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler today sent a letter to House Congressional leaders urging their support on a NAFCU-backed bipartisan bill – the Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743).
The House is expected to vote on H.R. 4743 today.
“This bipartisan legislation would increase the Small Business Administration’s oversight authority over its 7(a) loan program, including increasing the office’s enforcement options,” Thaler wrote to House Speaker Paul Ryan, R-Wis., and House Minority Leader Nancy Pelosi, D-Calif. “The 7(a) loan program is critical to credit unions’ ability to provide loans to small businesses and entrepreneurs, and NAFCU believes this legislation would only improve the already very important program.”
In January, NAFCU witness Sonya McDonald, executive vice president and chief lending officer at Randolph-Brooks Federal Credit Union, told members of the House Small Business Committee that providing loans and financial services to consumers in need “is what credit unions are here for.” This committee advanced H.R. 4743 to the full House in March; similar legislation is also pending consideration in the Senate.
NAFCU has closely worked with the SBA to increase the number of credit unions offering SBA 7(a) loans. At NAFCU’s 2017 Congressional Caucus, NAFCU President and CEO Dan Berger signed a new Memorandum of Understanding with SBA Administrator Linda McMahon aimed at improving access to credit union small-dollar loans to small businesses across the nation.
The bill, the Small Business 7(a) Lending Oversight and Reform Act, was introduced by Senate Small Business and Entrepreneurship Committee Chairman Jim Risch, R-Idaho, House Small Business Committee Chairman Steve Chabot, R-Ohio, and respective Ranking Members Jeanne Shaheen, D-N.H., and Nydia Velázquez, D-N.Y.
For full text of the letter, please click here.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
