WASHINGTON — Banking trade groups are furious about a move by the National Credit Union Administration to notify more than 1,000 credit unions that they may not need to comply with a cap on business lending.

The action this week is the latest twist in the ongoing saga over the extent to which credit unions should be allowed to compete with banks on commercial loans.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.