Credit union board OK’s WI state business-loan rule change

An amendment made to the member business loan rule issued by the state of Wisconsin was deemed acceptable for federally insured credit unions last week by the National Credit Union Administration (NCUA) Board.

The board approved the Wisconsin rule by notation vote. Specifically, the agency said, the board found that section DFI-CU 72.02 of the Wisconsin Member Business Loan rule, which defines a “member business loan,” is no less restrictive than the NCUA’s definition, as required by section 723.10(a) of the NCUA rule on member business and commercial lending rule. “This change aligns Wisconsin’s definition of ‘member business loan’ with the NCUA’s definition of the same,” it said.

Board Determines Amendment to Wisconsin Member Business Loan Rule Is Permissible