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House leaders Friday passed their version of the reconciliation package – the Build Back Better Act (BBBA) – by a 220-210 vote. Next up, the bill heads to the Senate where changes to the text are expected. Of note, the package does not include the NAFCU-opposed IRS reporting requirements; however, it does include a proposal that would grant the Small Business Administration (SBA) direct lending authority to offer 7(a) loans of $150,000 or less directly to borrowers or “through partnerships with third parties.” 

NAFCU has continuously voiced opposition for the inclusion of an SBA direct lending proposal and will continue to advocate against its inclusion in the final legislation. Additionally, NAFCU President and CEO Dan Berger detailed why the proposal is flawed in an op-ed featured in American Banker.

The association remains alert on both issues to ensure their exclusion from the BBBA and will continue to advocate against provisions that would further complicate credit union compliance. Stay tuned to NAFCU Today for the latest on the legislation as it moves through Congress.