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The NCUA Board will vote on a final, revised member business lending rule during its open meeting Feb. 18, according to the agenda released Thursday.

NCUA has proposed to remove the member business lending prescriptive underwriting criteria and personal guarantee requirements, eliminating the current waiver process. A credit union would then be able to set its commercial underwriting standards independently, commensurate with its own business model and risk appetite.

"Given today's current small business environment, NAFCU and our members appreciate NCUA heeding our call to move away from prescriptive regulatory requirements in favor of general principles that will provide credit unions with greater flexibility to better serve their small business members and communities at large," said NAFCU President and CEO Dan Berger.

In NAFCU's comment letter last August to NCUA, Berger wrote in favor of the proposal, noting that eliminating the waiver process would provide much-needed regulatory relief to the credit union industry.

NAFCU continues to advocate for broader changes in MBL rules through legislation that would allow an exemption from the MBL cap for more credit unions.

Also listed on the agenda for next week is the National Credit Union Share Insurance Fund's quarterly report.