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The NCUA’s 60-day comment period for its proposed changes to the member business lending (MBL) rule is closing today. Credit unions are urged to send in a comment. A League source says that the NCUA has received enough negative comments from bankers that the agency has taken notice.
The proposed rule looks to overhaul NCUA’s MBL regulation. Among the changes are creating a category of “commercial” loans for safety and soundness purposes and utilizing the category of MBLs for compliance with the Federal Credit Union Act’s limitations on member business lending. Business loan participations are considered commercial loans for the purposes of safety and soundness.
An easy way to send a comment to the NCUA is through PowerComment. Simply login with your CUNA login, or request one, and then click the “Proposed Member Business Lending Rule.” From there you can craft a message or browse examples to help with your comment.
