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CUNA: New MBL rule could be ‘step in the right direction’

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A proposed member-business lending (MBL) rule from the National Credit Union Administration that moves to a principles-based approach could be “a step in the right direction” in providing regulatory relief for credit unions, CUNA said.“NCUA’s proposed rule to remove the guarantee requirement, eliminate the need for waivers, remove loan participations against the MBL cap and remove the loan-to-value limits seems like a step in the right direction,” said CUNA President/CEO Jim Nussle after Thursday’s open board meeting. (See related story: Modernized MBL rule proposed by NCUA.)“Credit unions have been making business loans since their inception in the 1900s, yet their ability to lend to businesses is currently stifled,” he said, adding, “Today, more than 1,000 credit unions are at or near the arbitrary MBL cap put in place in 1998.”The trade association is reviewing NCUA’s proposed principle-based rule. “We will be working with our members to assess the real regulatory relief this proposal offers, as well as conducting an economic analysis of the proposed cap calculation change,” Nussle said. continue reading »last_img read more