LITTLE ROCK, Ark.—Issues related to a proposal that would give the Small Business Administration authority to make loans directly as well as related to the postal banking pilot program were raised during a discussion involving NAFCU and three Arkansas credit unions met and Sen. John Boozman (R-AK).
NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Legislative Affairs Brad Thaler, and Associate Director for Legislative Affairs Lewis Plush attended the meeting, as did Gina Williams, CEO of University of UArk Federal Credit Union, Rodney Showmar, CEO of Arkansas Federal Credit Union, and Stephanie Riffle, regional vice president of United Federal Credit Union.
According to the participants they applauded Boozman for his introduction of S. 4004, The Small LENDER Act, which is designed to provide relief to small businesses and lenders from the CFPB’s proposed data collection rule under section 1071 of the Dodd-Frank Act. Boozman has opposed both the continuation of the postal banking pilot program and additional direct lending by the Small Business Administration.
NAFCU said that during the meeting participants were able to share how they remained connected with their communities throughout the pandemic, offering opportunities such as skip pays and loan modifications to ensure their members didn’t face any unnecessary financial hardship.