On Friday, September 8, NAGGL and many other financial services trade associations sent a letter to the House Small Business Committee urging for bipartisan legislation that would build from the Senate Small Business Committee’s bill, which passed out of that Committee in July. In the letter, NAGGL, the Independent Community Bankers of America (ICBA), the Consumer Bankers Association (CBA), the Credit Union National Association (CUNA), and the National Association of Federally-Insured Credit Unions (NAFCU) together detailed a list of the critical issues which the SBA lending industry would like to see tackled in any legislation to preserve programmatic integrity around the SBA loan programs.
The House Small Business Committee currently has a markup of legislation scheduled for this Thursday, September 14, which is a procedural business meeting in which Members of House or Senate Committees vote to move legislation to the full House or Senate floor. A bill that would address the SBA’s recent rule and SOP changes is highly likely to be included in this Thursday markup. NAGGL is actively working with both sides of the aisle in the House to ensure lender concerns about the future of the SBA loan programs are tackled in any legislation. NAGGL will be keeping you actively apprised of any developments.
