The GAO says the SBA is implementing compliance checks on loan and borrower information before a loan is approved.

After a year of pandemic-related rollbacks, the agency expects financial institutions to begin following the letter of the CFPB's rules.

"Do not be fooled, ICBA wants you to tax credit unions to eliminate a major source of competition."

In part, the proposed rule would allow CUSOs to originate any type of loan that a FCU may originate.

While NCUA Chairman Todd Harper opposes the rule, credit unions and many groups chime in with overall positive comments.

The head of the ICBA argues credit unions' acquisitions of community banks "puts small business lending experts at risk."

NAFCU and CUNA support the move to provide small business loans that banks would not normally do.

The report includes vague language around new retail services, leaving the door open to some kind of possible banking service.