NAFCU Issues White Paper on MBL Cap Exemptions
According to a white paper just issued by the NAFCU, the NCUA could have approved more than 100 credit unions for an exemption from the MBL lending cap between 2010 and 2014 if it had applied a more liberal interpretation to the statutory exemption for credit unions with a history of making member business loans. The NAFCU states that the NCUA could have interpreted this section of the law to include credit unions that have had a successful MBL program in place for at least five years. [6/11/15]