If the NCUA board’s proposed $30 million limit to define small credit unions stands, 1,603 credit unions would be excluded from risk-based net worth requirements and a provision of the interest rate risk rule, according to the NCUA’s action memo on the topic.
It's not that the issue isn't important. It's just that it's politics.
MCUL says 46% of state's 309 credit unions now in the member business lending business.
U.S. Reps. Steve Stivers (R-Ohio) and Steve Chabot (R-Ohio) paid visits to credit unions this month to reiterate their support for raising the MBL cap.
Against a backdrop of a groundswell of support to expand business lending authority, one outcome is becoming an unfortunate black eye on those efforts.
NCUA says vast majority of LICUs already were below cap, same with the 1,003 offered the new opt-in.
Between March 2011 and March 2012, credit unions in Oregon and Washington grew their business lending by 9% to nearly $2.5 billion.
CU trades offer measured praise while ICBA blasts administration move as "outrageous."
Of the more than 1,000 small businesses that applied through Biz2Credit in July, loan approvals from credit unions are continuing to slow down.
Agency offers streamlined opt-in to 1,003 credit unions as part of White House drought relief package. Says move could double LICU lineup.