The Small Business Administration (SBA) Friday issued a notice of proposed rulemaking to modernize and streamline regulations under the 7(a) and 504 Loan Programs. Credit unions participating in the SBA’s 7(a) Loan Program, 504 Loan Program, as well as the Microloan Program, Intermediary Lending Pilot Program, Surety Bond Guarantee Program, and the Disaster Loan programs (except for the COVID Economic Injury Disaster Loan Program), would need to adhere to new lending criteria and loan conditions, among other requirements, under this proposal.
The Federal Open Market Committee (FOMC) starts their November meeting today where NAFCU Vice President of Research and Chief Economist Curt Long expects the Fed to raise rates another 75 basis points, bringing the Federal Funds Rate to a range of 3.75% to 4%. Prior to this year’s rate hikes, the FOMC had not raised rates since 2018.
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