NCUA, SBA launch three-year collaboration
The NCUA and Small Business Administration (SBA) signed a Memorandum of Understanding (MOU) Tuesday aimed at increasing awareness of SBA programs and bringing small business and credit unions together.
In 2015 and 2017, NAFCU signed MOUs with former SBA Administrators Maria Contreras-Sweet and Linda McMahon, respectively, and has since worked closely with the SBA to improve access to credit union small-dollar loans to small businesses across the nation.
The NCUA-SBA MOU launches a series of initiatives, such as webinars, training events and media outreach that will increase credit unions' understanding and usage of SBA-backed loans and resources. According to a release by the NCUA, there has been an increase in commercial lending by federally insured credit unions, with credit unions reporting more than $71 billion in outstanding commercial loans. Since October 2017, nearly 200 credit unions have participated in the SBA guaranty program.
"The credit union mission is grounded in the concept of providing affordable financial products and services tailored to meet their member’s needs, and that includes helping Americans start or expand businesses," said NCUA Board Chairman Rodney Hood. "Credit unions are well-situated to understand and work with their local businesses and entrepreneurs to extend affordable credit. I am delighted that we will be working with the SBA to help credit unions make these important investments, and I want to encourage credit unions to learn more about SBA programs."
"I look forward to our two agencies collaborating on shared best practices, educational initiatives, and increasing our support of current and future entrepreneurs," said SBA Acting Administrator Chris Pilkerton.
Gail Jansen, vice president of business services and operations at Kinecta Federal Credit Union, recently urged the SBA and Congress on behalf of NAFCU to work together to protect and strengthen the SBA's 7(a) loan program by not raising fees on small lenders and small businesses.
NAFCU has been active on SBA lending issues, and met with former Administrator McMahon earlier this year to discuss credit unions' participation in SBA lending programs as well as website accessibility concerns under the Americans with Disabilities Act (ADA) and efforts to modernize the Telephone Consumer Protection Act (TCPA). The association looks forward to continuing to partner with the SBA to provide webinars, like this one how to navigate SBA One, and other resources for credit unions to learn about SBA loan products.
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Add to Calendar 2021-04-20 14:00:00 2021-04-20 14:00:00 A Death in the Family: Working with Deceased Accounts Daniel Defoe was clearly correct when he noted that “nothing is certain but death and taxes.” Fortunately, credit unions don’t have many questions regarding taxes. Death, however, is another issue. Every credit union needs to make sure their operational processes are properly coordinated in the event of a member’s death. From the disposition of deposited funds to the collection of loan balances, is your credit union prepared? This webinar will review the essential elements of successfully navigating the credit union and the member’s family through the deceased member account process. Join industry veteran attorney David Reed as he takes you on a carefully coordinated tour of the process your credit union needs to master to ensure you are honoring the member’s requests, following applicable laws, and not putting the credit union at risk to pay a claim twice. Key Takeaways: Review account notations and declarations Gain a clear understanding of probate Discuss the impact on credit union deposit accounts and loans Walk through deceased account claims and remedies Register Now $295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until April 20, 2022Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Legal Staff Compliance staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review account notations and declarations. Gain a clear understanding of probate. Discuss the impact on credit union deposit accounts and loans. Walk through deceased account claims and remedies. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Specialized Knowledge – Technical National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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 email@example.com America/New_York public
Credits: CPE, NCCO, NCRM
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