The National Association of Federally-Insured Credit Unions (NAFCU) issued a statement today thanking several nonprofit public policy organizations, including the Competitive Enterprise Institute (CEI), for supporting the member business lending rule of the National Credit Union Administration (NCUA).
NCUA’s final MBL rule eliminated the personal guarantee requirement and the waiver process. NAFCU praised the rule for easing the regulatory burden on credit unions and allowing them the independence to safely and soundly address the needs of their small-business members.
“NAFCU appreciates the support this coalition has shown towards preserving the NCUA’s MBL rule,” said NAFCU President and CEO Dan Berger. “The backing of these groups supports the fact that this rule is about Main Street small businesses and job creation. NAFCU continues to fight to ensure Main Street credit unions have the ability to provide small businesses the capital they need to grow jobs and in turn, help the economy thrive.”
The coalition sent a letter yesterday to President-elect Donald Trump and Vice President-elect Mike Pence urging the administration to preserve the member business lending rule of the National Credit Union Administration (NCUA), while also supporting bipartisan legislation that will further deregulate business lending by credit unions.