LAS VEGAS Over-regulation is “stifling everybody,” according to Jack Antonini, president and CEO of the National Association of Credit Union Service Organizations.
“Even the guidance letters issued by NCUA are over-complicating business loans,” Antonini told Credit Union Journal at the group’s Annual Conference here this week. “One example is a business owner has to be a member of a credit union for five years to not be required to give a personal guarantee. NCUA is trying to protect the industry, but they are hurting it by reverse selection. This limits the types of loans credit unions are going to get because they only are going to get the people who cannot get a loan elsewhere.”
Look for more coverage of the NACUSO conference in the print edition of Credit Union Journal.
