The House passed the CUNA-supported Small Business 7(a) Lending Oversight Reform Act Tuesday by a voice vote. It would enhance accessibility of capital available under the Small Business Administration’s 7(a) loan program.
CUNA and several member credit unions participated in the Small Business Administration’s Office of Advocacy Financial Roundtable Monday to talk about CFPB's request for information on the small business lending market.
CUNA staff attended a roundtable discussion Monday hosted by the Small Business Administration’s Office of Advocacy to discuss needed changes to CFPB rules, and provide credit union-specific suggestions for modifications to rules.
Credit unions are invited to participate in the Small Business Administration Office of Advocacy’s upcoming roundtable on financial issues, scheduled for June 26. The roundtable will focus on the CFPB assessment process and recent request for information.
The Small Business Administration’s 7(a) loan program is authorized for a total of $26.5 billion in fiscal year 2016, an increase of $8 billion, per the government funding bill that was signed into law last week by President Barack Obama.
The Small Business Administration reached its 7(a) lending limit for fiscal year 2015 Sunday, meaning the 7(a) program is suspended until it is reauthorized for additional funds by Congress, or until its new appropriation takes effect Oct. 1.