ARLINGTON, Va.—NAFCU is urging lawmakers not to be taken in by “bankers’ false claims” about NCUA’s revised member business lending rule.
In a letter to Congress, NAFCU Vice President of Legislative Affairs Brad Thaler explained that bankers – in particular, the Independent Community Bankers of America, which is suing NCUA over the rule – are continuing to “peddle bad information and untruths about the rule. In short, they are claiming that NCUA’s rule is the agency’s attempt to get around statutory MBL limits,” said Thaler.
“Despite what the ICBA claims, the rule does not change the statutory cap on credit union member business lending. Only Congress has that power,” wrote Thaler. “That is why we urge you to listen to your credit unions and support legislative efforts to provide relief from the cap.”
Thaler, writing in response to the banking trade's latest attack Monday, told lawmakers about the visits credit unions are making to Capitol Hill this week in conjunction with NAFCU’s Congressional Caucus. He said the credit union leaders are focusing on a number of key issues important to all community institutions – for example, the need for national data security standards, repeal of interchange price caps, regulatory relief and more. He added, “Credit unions will also be talking about how they can help the economy through making business loans to their members.”
NAFCU said it wrote lawmakers Sept. 7 to set the record straight on NCUA’s MBL rule.