Thu, Mar 19, 2015
Responding to credit union comments that the waiver process for business loans sometimes prevents them from making timely and prudent loans, NCUA plans to eliminate the need for such waivers.
“We’re going to move away from defining highly prescriptive, one-size-fits-all business loan underwriting requirements,” Matz said. “You know your members’ needs better than we do. Our business lending rules need to reflect that.”
NCUA will continue to provide business loan guidance and supervise effectively for sound commercial lending practices. Additionally, the agency will lift unnecessary limits on construction and development loans.
Matz concluded her remarks by reminding her audience she will always listen to stakeholders’ concerns and ideas about removing regulatory burdens.
“We will listen, and, where sensible, we will act,” Matz said. “Our number one goal is to keep the credit union system safe, sound and sustainable. You will have greater freedom in pursuit of that goal.”