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Several nonprofit public policy organizations are urging President-elect Donald Trump and Vice President-elect Mike Pence to preserve the NCUA's member-business lending rule, noting that the cap on credit unions' business loans to members should be relaxed.

NCUA's final MBL rule eliminated the personal guarantee requirement and the waiver process. NAFCU praised the rule for easing the regulatory burden on credit unions and allowing them the independence to safely and soundly address the needs of their small-business members.

"We recognize that America's banks face enormous burdens from the Dodd-Frank mandates, burdens that harm credit unions as well," the groups said in a letter Tuesday. "But with regard to the NCUA rule, we urge you to reject the bank lobby's overtures, and stand with the Center-Right coalition and American small business in supporting this deregulatory rule."

The letter was signed by representatives from the Competitive Enterprise Institute, American Legislative Exchange Council, Americans for Tax Reform, Campaign for Liberty, Center for Freedom and Prosperity, FreedomWorks, Frontiers of Freedom, Grassroot Institute of Hawaii, Independent Women's Voice, National Federation of Republican Assemblies, National Taxpayers Union, R Street Institute and Taxpayers Protection Alliance.

The groups noted that the winners of the rule are small business entrepreneurs who have trouble getting capital. The letter cited Pepperdine University economist David Smith, who said, "credit unions grant a greater percentage of business loans to small business owners" than banks do.

They added that this rule would advance Trump and Pence's goals of strengthening domestic energy and manufacturing and helping veterans. "Many prominent credits unions were formed by employees of energy companies and manufacturers such as General Electric, Chevron and Dow, and since two of the largest credit unions focus their efforts largely on military populations, veteran-owned businesses are also likely to reap particularly large benefits," the letter stated.