Newsroom

Natasha Merz, vice president of commercial lending for Langley Federal Credit Union (Newport News, Va.), is slated to testify on behalf of NAFCU before a House Small Business subcommittee Thursday on the Small Business Administration's 504/CDC Loan Program.

The hearing, by the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access, is slated to begin at 10 a.m. Eastern.

SBA's 504 program is for SBA-certified and regulated community development corporations, which can get loan funding from depository institutions.

In 2015, NAFCU signed a three-year memorandum of understanding with the SBA aimed at getting more credit unions to increase their lending to member small businesses through SBA micro loan programs.

In March, NAFCU witness Sonya McDonald, executive vice president and chief lending officer at Randolph-Brooks Federal Credit Union, testified before a House Small Business subcommittee on the SBA's 7(a) loan program.

In related news, NAFCU staff on Monday attended an SBA advocacy roundtable to discuss current rulemakings. In August, the SBA will host another roundtable to discuss the CFPB's request for information on section 1071 of the Dodd-Frank Act, which contains a framework for collecting small business loan data from financial institutions.

The SBA is currently hosting regional roundtables across the country. The next roundtables are scheduled for July 11 in Boise, Idaho, and July 13 in and Coeur d'Alene, Idaho. More events will be posted here as they become available. NAFCU encourages member credit unions to sign up for these roundtable discussions.