WASHINGTON—This week is the Small Business Administration’s (SBA) National Small Business Week.
“As we celebrate National Small Business Week, NAFCU applauds the credit union industry’s efforts to help keep the nation’s small businesses thriving, especially as we recover from the pandemic,” said NAFCU President and CEO Dan Berger in a statement. “NAFCU has always been a leading advocate for the credit union industry and we continue to fight to ensure the voices of credit unions, and their small business members, are heard by lawmakers.”
NAFCU said it has worked to advocate for legislation and regulation that will help that will help credit unions better serve Main Street small businesses, including by:
- Sharing support to bolster small business lending through the Member Business Loan Expansion Act, “which would make it easier for credit unions to offer smaller business loans under $100,000 by ensuring these loans do not count toward the arbitrary credit union member business lending (MBL) cap,” according to NAFCU.
- Calling for changes to the CFPB’s section 1071 rule, a “costly and burdensome” rule which would require credit unions and credit union service organizations that originated at least 25 covered small business credit transactions in each of the two preceding calendar years to collect and report small business credit application data, including data related to the ethnicity, race, and sex of small business applicants' principal owners
- Backing the S.4004, The Small LENDER Act, legislation that would provide relief to small business and lenders from the CFPB’s section 1071 data collection rule
- Opposing the SBA’s direct lending proposal, which could lead to issues with fraud and defaults, and potentially dissolve existing credit union-small business lending relationships
- Establishing a Small Business Lending Working Group to help credit unions
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