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News Now

Washington
NCUAs Hyland Suggests Phase in of MBL Authority
WASHINGTON (8/24/09)— NCUA board member Gigi Hyland yesterday told state regulators she would prefer to see a regulatory phase in of increased authority for credit unions to make member business loans. Addressing the National Association of State Credit Union Supervisors System Summit in Boston, Hyland indicated NCUA has the authority to implement any newly granted MBL authority in stages and should do so. Hyland said these were her own views and the agency has not taken an official position. Reacting to Hyland’s comments, CUNA President Dan Mica recognized NCUA has these regulatory tools and emphasized that Hyland’s comments should not be construed as lessening the need for Congress to pass the expanded MBL authority in H.R. 3380, the bill introduced by Reps. Paul Kanjorski (D-PA) and Ed Royce (R-CA) that would raise the current 12.25% of assets MBL cap to 25%. Mica called the legislation “an important step” that will better enable credit unions to help their members with small businesses and help turn around the economy. "We would like to see the cap taken off member business lending by credit unions because it will help the economy and because credit unions have proven themselves responsible lenders, Mica added. Board member Hyland, like the other members of the NCUA board, " is clearly performing her due diligence as a regulator to ensure that credit unions do the job right when they begin making more business loans,” Mica added.


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