Newsroom
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.
Share This
Related Resources
Add to Calendar 2024-05-06 14:00:00 2024-05-06 14:00:00 Overview of Regulation CC Join us for this webinar, Overview of Regulation CC, and you’ll delve into the intricacies of the Expedited Funds Availability Act and Regulation CC. This includes gaining invaluable insights on effectively implementing funds availability requirements, navigating the process of placing holds on deposited items and crafting comprehensive disclosures for your members. Don't miss this opportunity to enhance your understanding of regulatory compliance in the financial landscape. Key Takeaways Know the funds availability requirements Learn what must be included in disclosures Comprehend extended holds Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 18, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Overview of Regulation CC
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.