Newsroom
Sen. Cardin introduces long-awaited SBA Reauthorization Act
Sen. Ben Cardin, D-Md., Thursday introduced the Small Business Administration (SBA) Reauthorization Act targeted at improving and modernizing existing SBA programs as well as implementing new programs focused on underserved areas.
The reauthorization of SBA programs is typically supposed to happen every few years; however, this has not been done since 2001. Several efforts from lawmakers, including Sen. Marco Rubio, R-Fla., have reauthorized portions of the SBA, over the years. Lawmakers and outside groups have urged for the comprehensive reauthorization of the agency’s programs in order to replace outdated and ineffective policies.
Of note, Cardin’s bill will seek to modify and grant authorities to implement policies within the SBA. It will also place a special focus on the SBA’s initiatives to better support underserved communities. The bill is unlikely to move forward this year as lawmakers continue to focus on government funding and will likely be reintroduced in the next Congress.
NAFCU has been an avid supporter of SBA programs such as the 7(a) lending program and the Paycheck Protection Program (PPP), helping credit unions serve members through the PPP at the height of the COVID-19 pandemic.
The association has previously shared concerns with lawmakers over several SBA proposals, including its Small Business Lending Company (SBLC) moratorium rescission and proposed rule regarding affiliation and lending criteria for the SBA business loan programs.
NAFCU has also expressed opposition against the SBA’s direct lending proposal, which could lead to issues with fraud and defaults, and potentially dissolve existing credit union-small business lending relationship.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.