Friday, June 1, 2018

One-to-Four Family Dwellings No Longer Count Against MBL Cap

The National Credit Union Administration Board unanimously voted to exclude any 1-to-4-unit family dwellings from the aggregate member business loan (MBL) cap of 12.25 percent.

The member business lending rule previously required those dwellings to be the primary residence of a member in order to be excluded.

The NCUA Board approved the change to make the member business lending rule conform with changes to the Federal Credit Union Act incorporated into the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, signed into law by President Donald J. Trump on May 24.

The rule becomes effective, when it is published in the Federal Register.

Read the press release.
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