The two largest credit union trade organizations said Thursday they see no threat to eased borrowing rules for Member Business Loans in the coming Trump administration.
The NCUA adopted the rule in March freeing credit unions from seeking NCUA approval when buying commercial loans. The Independent Community Bankers of America said in a Sept. 7 lawsuit that the change gave credit unions an unfair advantage and violated legislative limits intended to rein in credit unions' involvement in business lending.
The rule, which goes into effect in January, makes it simpler for businesses when they come to a credit union seeking a loan, said Brad Thaler, NAFCU's vice president of legislative affairs.
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