news.cuna.org/articles/111095-member-business-lending-rule-a-major-victory-for-americas-small-businesses

Member Business Lending Rule a Major Victory for America's Small Businesses

February 18, 2016

FOR IMMEDIATE RELEASE

Contact: Vicki Christner - CUNA Communications; 202-508-6754; vchristner@cuna.coop

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.”