At a White House briefing yesterday, NAFCU President Fred Becker thanked President Obama for acknowledging the credit union industry's role in small business lending.
NAFCU has been working with SBA, the congressional committees, the NCUA and the Treasury Department in its efforts to allow credit unions greater involvement in helping to grow the economy. It has also urged lawmakers to raise SBA's 7(a) loan guarantee to 100%, noting that all federally guaranteed loans are excluded from credit unions' member business loan cap, which the association is also seeking to increase, the trade group said.
In a number of initiatives planned to open access to credit, the Obama administration yesterday included credit unions that serve as community development financial institutions in a proposal that would provide lower-cost capital if they lend to small businesses in the hardest hit rural and urban areas.
Recommended For You
Becker attended a White House briefing yesterday on the lending proposal. He said Obama noted his appreciation "for all that credit unions are doing."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
