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ICBA: Stop Credit Union SBA Program Participation

ICBA: Stop Credit Union SBA Program Participation

ICBA is calling upon the Small Business Administration to end its recent memorandum of understanding with the National Credit Union Administration. In a letter to Acting Administrator Chris Pilkerton, ICBA stated that credit union participation in SBA programs contradicts the spirit of the Small Business Act. The Small Business Act promotes private enterprise and free competition, as well as restricts doubling-up on tax subsidies. 

ICBA wrote ” indeed, the ‘essence of the American economic system of private enterprise is free competition’ then SBA should no longer encourage and enable credit unions to participate in SBA loan programs; credit unions do not exhibit the traits of ‘free competition’ that underlie the Act.” ICBA has repeatedly challenged NCUA attempts to exceed limitations on commercial lending activity established by Congress.

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