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The Regional CUSO Alliance, an association of member business lending CUSOs, said the proposed elimination of personal guarantees would cripple underwriting and punish those credit unions that have not “excessively abused their privileges.”

The NCUA has proposed eliminating four regulatory relief items under Regulation 742 for well-capitalized and well-run credit unions. The RCA believes the proposed personal guarantee elimination change “seems to solve a problem that does not even exist” and “any changes may cause unintended consequences, either by severely limiting the competitive capability or by exposing credit unions to potential good faith violations of the core policy.”

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