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WASHINGTON—Sonya McDonald, executive vice president and chief lending officer at Randolph-Brooks FCU, told a House Small Business subcommittee hearing that the arbitrary cap on credit union member business lending must be lifted so credit unions can better serve community small businesses.

CHEYENNE, Wyo.–Western Vista Credit Union here has named a new CEO, as well as several other changes to its management team.

CHICAGO–The remnants of a failed bank here are being acquired by North Carolina-based Self Help FCU.

WASHINGTON—The CFPB has proposed a six-month delay – to April 1, 2018 – of its prepaid account rule's effective date, currently set for Oct. 1.

PRINCETON JUNCTION, N.J.– The Smart Card Alliance, which has worked to promote the adoption of smart card technology as the global standard for payment, identity, access and mobile application security, said it is expanding its charter to include a broader range of security and privacy-enhancing technologies.

WASHINGTON–NAFCU and CUNA have joined with the American Financial Services Association, the Consumer Bankers Association, the Financial Services Roundtable and the Electronic Transactions Association to send a joint letter to the Federal Communications Commission (FCC) regarding the Petition for Rulemaking and Declaratory Ruling regarding prior express consent under the Telephone Consumer Protection Act (TCPA).

NEW YORK–Loan approval rates at banks of $10-billion in assets and larger improved to new post-recession highs in February 2017, according to the latest Biz2Credit Small Business Lending Index, which said loan approval rates at credit unions remained stagnant and approval rates at alternative lenders dropped over the same time.

FARMINGTON HILLS, Mich.–Mergers have been announced in Michigan and South Florida.

WASHINGTON—CUNA is encouraging the House Small Business subcommittee to improve credit unions’ ability to offer Small Business Administration (SBA) 7(a) loans, as well as other government guaranteed loans.

WASHINGTON—The Consumer Financial Protection Bureau ordered Nationstar Mortgage LLC to pay a $1.75-million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014.