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The House on Tuesday advanced a NAFCU-backed bipartisan bill – the Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) – that would improve the Small Business Administration's (SBA) 7(a) loan program. A NAFCU witness testified in favor of improvements to the SBA's 7(a) program – including this bill – in January. The bill now awaits action by the Senate.

NAFCU witness Sonya McDonald, executive vice president and chief lending officer at Randolph-Brooks Federal Credit Union, told members of the House Small Business Committee that providing loans and financial services to consumers in need "is what credit unions are here for." This committee advanced H.R. 4743 to the full House in March; similar legislation is also pending consideration in the Senate.

NAFCU sent a letter to House leaders on Tuesday urging that they support the bill.

H.R. 4743 was introduced by Senate Small Business and Entrepreneurship Committee Chairman Jim Risch, R-Idaho, House Small Business Committee Chairman Steve Chabot, R-Ohio, and respective Ranking Members Jeanne Shaheen, D-N.H., and Nydia Velázquez, D-N.Y.

NAFCU has closely worked with the SBA to increase the number of credit unions offering SBA 7(a) loans. At NAFCU's 2017 Congressional Caucus, NAFCU President and CEO Dan Berger signed a new Memorandum of Understanding with SBA Administrator Linda McMahon aimed at improving access to credit union small-dollar loans to small businesses across the nation.