If your credit union makes member business loans (MBLs), you may be eligible for waivers of regulatory requirements on certain types of loans. Rather than applying for a separate waiver on each loan, you may apply for a “blanket” waiver that would cover all MBLs meeting certain conditions.
Supervisory Letter 13-01 – Member Business Loan Waivers. This letter responds to credit union officials who have asked NCUA to clarify the criteria for MBL waivers – Evaluating Credit Union Requests for Waivers of Provisions in NCUA Rules and Regulations Part 723, Member Business Loans (MBLs)
Federal Credit Unions have the right to request waivers from certain parts of NCUA’s Rules and Regulations. There are two overall categories for such waivers:
- an individual transaction waiver (waivers for an individual or specific list of loans), and
- a blanket waiver of a specific regulatory requirement.
This guidance is intended to clarify the Member Business Loan waiver provisions in Part 723 of NCUA’s Rules and Regulations and explain certain criteria and action steps that NCUA follows when evaluating a waiver request from a federal credit union.