The League is hearing from NCUA sources that the NCUA board will vote to finalize changes to the member business lending (MBL) regulation at its February 18 meeting. The revisions to the current MBL rule were proposed and issued for comment at the board’s June meeting. At that time, the proposal would “provide federally insured credit unions making business loans with greater flexibility and more autonomy, shifting the rule’s focus from the current prescriptive approach to a more principle-based methodology that emphasizes sound risk management practices for commercial lending.”
The new proposal is expected to reflect credit union comments from the fall of 2015. It is expected that the bankers will once again be opposed to any changes to the MBL rule by the NCUA. The official agenda will be posted on Thursday.
The League is also hearing that the Field of Membership (FOM) proposed rule generated more than 11,000 comments. Over the last three days, it’s believed that about 6,000 letters were sent in. Credit unions made a big push at the deadline. While a number of bankers are believed to have sent in comments, the NCUA does not have a breakdown yet. The agency is still trying to get an exact number of comments.