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Senate Committee Eyes Ways to Combat SBA's 7(a) Final Rule, CU Trades Support Effort

Six financial trade groups tell lawmakers the SBA’s changes “threaten the integrity of the program.”

U.S. Capitol, Washington, D.C. U.S. Capitol, Washington, D.C. Credit/Shutterstock

Ahead of Wednesday’s Senate Small Business Committee markup of the Community Advantage Loan Program Act, NAFCU, CUNA and four other financial lobbying groups filed a joint letter supporting the committee’s efforts to use the legislation to help possibly offset the negative impacts from recent final rules issued by the U.S. Small Business Administration (SBA).

The final rules issued by the SBA in April, which went into effect on May 11, changed the regulations surrounding the SBA’s 7(a) and 504 loan programs as it relates to loan conditions and lending criteria, as well as expanding the ranks of SBA lenders by increasing the number of Small Business Lending Company (SBLC) licenses.

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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