Chartered for the Purposes of Making MBLs

In recent years, the National Credit Union Administration (NCUA) approved four credit unions that were chartered for the purpose of making member business loans (MBLs).

The four credit unions are Funeral Service Credit Union (IL), Members Cooperative Credit Union (MN), Thrivent Federal Credit Union (WI), and Firefighters First Federal Credit Union (CA).

The information was obtained through a Freedom of Information Act request.

As of September 2017, the percent of assets in commercial loans at:

• Thrivent FCU were 27.10 percent;
• Funeral Service Credit Union were 65.46 percent;
• Members Cooperative Credit Union were 8.34 percent; and
• Firefighters First FCU were 8.56 percent.

Credit unions that are chartered for the purpose of making MBLs or have a history of primarily making MBLs are exempt from the MBL cap of 12.25 percent of assets.

Previously, NCUA had provided the names and charter numbers of 120 credit unions that were chartered for the purpose of making MBLs or have a history of primarily making MBLs. NCUA reported that all but 13 of the 120 credit unions are still active.