Newsroom
NAFCU amplifies CU small business efforts
Today marks the first day of the Small Business Administration’s (SBA) National Small Business Week. Across the country, small businesses play an integral role in creating jobs and fueling the economy and have shown resilience throughout the pandemic. NAFCU President and CEO Dan Berger, along with the entire association, offers appreciation for small businesses - one of the credit union industry’s most important members.
“As we celebrate National Small Business Week, NAFCU applauds the credit union industry’s efforts to help keep the nation’s small businesses thriving, especially as we recover from the pandemic,” stated Berger. “NAFCU has always been a leading advocate for the credit union industry and we continue to fight to ensure the voices of credit unions, and their small business members, are heard by lawmakers.”
NAFCU has worked tirelessly to advocate for legislation and regulation that will help the credit union industry better serve Main Street small businesses. The association’s efforts include:
- sharing support to bolster small business lending through the Member Business Loan Expansion Act, which would make it easier for credit unions to offer smaller business loans under $100,000 by ensuring these loans do not count toward the arbitrary credit union member business lending (MBL) cap;
- calling for changes to the CFPB’s section 1071 rule, a costly and burdensome rule which would require credit unions and credit union service organizations that originated at least 25 covered small business credit transactions in each of the two preceding calendar years to collect and report small business credit application data, including data related to the ethnicity, race, and sex of small business applicants' principal owners;
- backing the S.4004, The Small LENDER Act, crucial legislation that would provide relief to small business and lenders from the CFPB’s section 1071 data collection rule;
- opposing the SBA’s direct lending proposal, which could lead to issues with fraud and defaults, and potentially dissolve existing credit union-small business lending relationships; and
- establishing a Small Business Lending Working Group to help credit unions and NAFCU’s advocacy team discuss small business regulatory issues and develop sound solutions to those issues.
This week we are excited to celebrate all that credit unions do for the small business community. NAFCU remains engaged with Congress and financial regulators to push for ways credit unions can continue to serve small business members.
Neighbors FCU uplifts the Greater Baton Rouge small business community
See how one credit union in Louisiana helped support their local communities through the COVID-19 pandemic and hurricane IDA (story submitted by Neighbors Federal Credit Union.)
Neighbors FCU has worked with small businesses in the Greater Baton Rouge area get through COVID challenges and impacts from hurricane IDA August 2021. One business was heavily impacted by COVID and sought out PPP loans and loan payment deferments. When that local business started reopening and getting back into the swing of things, Hurricane IDA damaged the roof of one of their buildings causing it to be closed for four more months. Loans from our credit union helped them to get them through these times and allowed them to get back to full operation.
Neighbors FCU also helped another business owner develop a much-needed 55+ retirement trailer park development through a permanent loan to give affordable housing options within the local community.
In another instance, a local business owner expanded their family-owned playground equipment installation company. With the increased demand in the community for these services, Neighbors FCU provided additional NFCU loans to allow the husband- and wife-run business expand and take on larger jobs.
In addition, a local non-profit needed a loan to purchase a warehouse building to expand services. The non-profit provides Disabilities Awareness Training, Vocational and Transition Services, and Day Habitation Programs to help individuals with disabilities find meaningful employment, as well as Respite Care to give relief to family members and caregivers. Neighbors FCU helped them to purchase and renovate the new building and expand their services to another area of Baton Rouge.
Neighbors FCU is committed to helping the financial needs of small businesses in the Greater Baton Rouge community through challenging times and good times.
Share This
Related Resources
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 ChatGPT: What AI can do for you! ChatGPT has been created with one main objective – to predict the next word in a sentence, based on what's typically happened in the gigabytes of text data that it's been trained on. Did you ever hear of the saying, “People fear the unknown?” Artificial intelligence scares people, but it is the future, and you need to understand the tools and resources it offers. It’s also about saving time, that’s what technology and in this case, artificial intelligence can do for you. If you want to save time and have a better quality of life, this training is for you. Once you give ChatGPT a question or prompt, it passes through the AI model and the chatbot produces a response based on the information you've given and how that fits into its vast amount of training data. It's during this training that ChatGPT has learned what word, or sequence of words, typically follows the last one in a given context. During this webinar, ChatGPT: What AI can do for you, you’ll discover the background, purpose, usability, and the pros and cons. Don't miss this opportunity! Key Takeaways Learn the background of AI Understand the purpose of AI Identify the pros and cons 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 25, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCRMs Risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
ChatGPT: What AI can do for you!
Credits: NCRM
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 Unifying Two Different Executive Benefits Programs About the Webinar In part one we discussed how to retain key positions during a time of transition. In part two, we will look at how to combine executive benefits programs from two different organizations into a single high-performing program. Evaluating each program includes many different facets, from strategy and expense to performance and servicing. This session will provide important considerations, whether or not you have pending M&A activity. Key Takeaways: Is the plan design both retentive and efficient? Is the benefit expense properly mitigated? Does the legal agreement reflect the board’s intent? View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Unifying Two Different Executive Benefits Programs
preferred partner
Gallagher
Webinar
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. 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 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.