The National Credit Union Administration is a “captured regulatory agency,” as evidenced by the credit union industry’s attempt to have NCUA “end run” limits on business loans imposed by Congress, the Washington Times said in a Sunday editorial.
Browsing: Commercial Lending
With the Small Business Administration’s popular 7(a) loan guarantee program having maxed out its $18.75 billion cap two months before the end of the federal fiscal year, ABA today encouraged Congress to pass a prompt increase in the 7(a) lending cap.
Continuing the banking industry’s press against overreach by the National Credit Union Administration, the 53 state bankers associations today wrote to Congress urging them to further investigate NCUA and its efforts to subvert congressional intent.
The U.S. Export-Import Bank has contributed positively to economic growth and its current expired state could “damage the U.S. economy,” Democratic staff for the Joint Economic Committee said yesterday in a new report.
ABA President and CEO Frank Keating kept up the pressure on the National Credit Union Administration and the credit union industry with an op-ed today in The Hill noting that — in addition to being exempt from taxes — credit unions enjoy a “compliant federal regulator that often acts like a cheerleader for the industry it is supposed to be supervising.”
National Credit Union Administration Chairman Debbie Matz will appear before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit tomorrow — her first appearance before Congress since 2011 — and ABA urged House members to hold NCUA accountable for its efforts to subvert congressional intent.
The high-volatility commercial real estate (HVCRE) regulation, effective as of Jan. 1, 2015, mandates that, in order to be exempt from an HVCRE designation, borrowers who originate commercial acquisition, development and construction (ADC) loans must meet a 15 percent equity requirement, and the leverage on such loans cannot exceed 80 percent of the estimated completed value of the project.
With nonbank online “marketplace lending” growing dramatically — originating $12 billion in new loans in 2014, mostly to consumers but also to businesses — the Treasury Department yesterday launched an inquiry into the sector.
Sen. Cory Booker (D-N.J.) led a group of several Senate Democrats on Friday in asking Consumer Financial Protection Bureau Director Richard Cordray to accelerate a Dodd-Frank Act rulemaking that would require lenders to report small business loan data similar to mortgage loans under the Home Mortgage Disclosure Act.
Noting that many lenders turn to the U.S. Export-Import Bank to add balance sheet capacity and meet their customers’ needs, ABA’s global finance subsidiary BAFT today expressed its disappointment in Congress’ failure to reauthorize the Export-Import Bank before its charter expired last night.