U.S. Small Business Administration building Source: Shutterstock.

In a letter to U.S. Small Business Administration (SBA) officials Tuesday, NAFCU raised its concerns over proposed changes by the SBA to the administration’s 7(a) Loan Program and the 504 Loan Program. These changes, according to NAFCU, could result in an “uneven playing field between credit unions and fintechs.”

The letter, written by NAFCU Regulatory Affairs Counsel James Akin, asked the SBA “to safeguard the 7(a) Loan Program by rescinding or pausing this rulemaking until its impact in relation to Small Business Lending Companies (SBLCs) is better understood.”

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Michael Ogden

Editor-in-Chief for CU Times.

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