Nationally, business lending by credit unions grew to $51 billion in 2014 from $4 billion in 2000, according to the NCUA, which described the proposed change as an attempt to modernize rules for credit union business lending.
“This is the right approach at the right time,” NCUA Board Chairman Debbie Matz said in a statement. “It’s appropriate to move away from prescriptive regulatory limits to general principles providing credit unions with greater flexibility to serve their member businesses. Commercial lending may not be appropriate for every credit union, but that’s a strategic decision for each board of directors to make. Credit unions know their members better than we do, and this modernized business lending rule reflects that reality.”
Read complete article at; Credit unions seek greater flexibility in business lending; Banks oppose changes
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