HSBC questions SBA Administrator Guzman on SBA direct lending program, COVID EIDL, more
The House Small Business Committee yesterday held a hearing with Small Business Administrator (SBA) Isabella Casillas Guzman to conduct an overview of the SBA. Several topics were discussed during the hearing including the proposal to grant the SBA direct lending authority.
Several Republican leaders questioned Guzman on fraud related to the COVID economic injury disaster loan (EIDL) program, pointing out the fact that the SBA has not addressed all of the SBA’s Inspector General’s recommendations to combat this issue. This topic sparked a conversation on SBA’s experiences with direct lending programs like EIDL and why a new SBA direct lending program would likely result in negative outcomes, particularly for small businesses and the lenders, like credit unions, they’ve come to trust and rely on.
Of note, Representative Dan Meuser, R-Pa., also pointed out that joint ventures and public-private partnerships with lenders have been much more successful than direct programs. Representative Young Kim, R-Calif., also noted that this program could lead to unfair competition for small lenders trying to enter that space.
Representative Scott Fitzgerald, R-Wis., also noted that credit unions and community banks are better equipped to serve small businesses through smaller-sized loans. Guzman defended the direct lending proposal saying this program would be aimed at filling in gaps in lending and that SBA would still work with its existing partners on current programs. Guzman also expressed her belief that the SBA would be able to stand up a new direct program in a timely manner in response to a question by House Small Business Committee Chairwoman Nydia Velasquez, D-N.Y.
Ahead of the hearing, NAFCU worked to educate committee members on the issues associated with the proposal. NAFCU has expressed major concerns over an SBA direct lending program since its introduction, engaging with Congress on multiple occasions explaining why it should be excluded from BBBA. In an op-ed for American Banker, NAFCU President and CEO Dan Berger called the proposal a “flawed solution that puts taxpayers at risk and could lead to a decrease in lending to small businesses by the private sector.”
NAFCU remains engaged with the SBA and Congressional leaders to voice credit union concerns around the proposal.
Add to Calendar 2022-06-28 14:00:00 2022-06-28 14:00:00 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation In this webinar you’ll learn how to identify, prevent, respond, and report scams and fraud targeting older adults. Though anyone can experience fraud and financial exploitation, scammers and other bad actors often target older adults. Explore why your older members may be at risk, who the abusers are, and red flags to identify scams and fraud. You will also hear about steps that older adults, their caregivers and loved ones, and credit union staff can take to spot and report financial exploitation if it does occur. In 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation, you will get a baseline understanding of elder financial exploitation and what you can do about it. Topics covered include: defining elder financial exploitation, common types of fraud and scams, a snapshot of data about scams, prevention and reporting resources, including financial caregiving and Trusted Contacts. Key Takeaways Learn the basics of elder financial exploitation, fraud, and scams. Review red flags and prevention resources for members, their caregivers and loved ones. Discover resources to help credit union staff spot, prevent, and report financial exploitation. Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until June 28, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOS NCBSOs NCRMs Compliance, BSA and risk staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in the webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
Auto Loans, Consumer Lending
Get daily updates.
Subscribe to NAFCU today.