NAFCU and EXIM sign a two-year Memorandum of Understanding

thank you for joining us today for this

historic moment

i would like to welcome to nephew export

import bank president and chairman of

the board

kimberly reed who i've known for many

years since our days on capitol hill

and i just want to say this about

kimberly i've known her for almost two


and not only is washington dc a tough

place to operate and and to work in

kimberley has really not only just


the glass ceiling but shouted it and

then watching her

and her leadership i've been extremely

proud of her so

welcome to nafta we really appreciate it

we very much appreciate the work you've

been doing at xm bank

and we're thrilled to announce matthew's

partnership with

xm today we will sign a two-year

memorandum of understanding

or mou to commemorate our collaboration

going forward

nafta hopes to educate credines about

the wonderful export

financing products and services

available to them and the small

businesses in their communities

including exim's working capital

guaranteed program

small businesses across america have

been particularly hard hit

by the covert 19 pandemic and through

this partnership and

in this mou with xm nephew hopes to

alleviate some of that burden

by raising awareness of available

services and access to all important


to help businesses bounce back we hope

to arm

credit unions with knowledge of xm's

business loan

programs the guaranteed portion

this is very important the guaranteed

portion of which are exempt

from the member business lending cap so

that they may assist businesses in their

local communities

to strengthen ties with export partners

and hopefully create

more jobs for hard-working americans

during this very difficult time

starting today we will be embarking on

several education

and training opportunities for credit

unions with business members engaged in

export trade to expand participation in

these important programs

nafta is encouraged by your leadership

madam chair

as well as the leadership of the ncua

board which executed a similar agreement

last month

we are very optimistic that these

strategic collaborative arrangements

can foster growth stability and


for the credit union industry in the

entire economy

today's mou signing today's mou signing

marks an important step for the credit

union industry and we hope to build on

this momentum to facilitate

even more opportunities for credit

unions to help provide

financing for our nation's small


nafta looks forward to continuing to

work with you and your team

at xm and again thanks for your

leadership and strong support of the

credit union industry

welcome thank you dan president and ceo

of this wonderful association as dan


i've known you for 20 years uh we first

met when i was a staffer on the ways and

means committee and we focused on

important issues and then when i was at

the treasury department and head of the

community development financial

institutions fund

i remember when you came in and waved

the great matthew flag

with us thank you and uh and and uh

and it's an honor to be here 20 years

later to do something that's never

happened before and dan i would say it's

that foundation that you built for your


that resulted in what we're about to do

here today

and even when i was a nominee to head xm

back on

october 11 2017 i came here and visited

with you

to say when i would become confirmed by

the senate

if that would happen i wanted to make

sure that credit union members had the

same opportunity

that financial institution bank members


to to make a difference for our country

in our economy

and your leadership has been so

tremendous and i'm so delighted to be

here today of course we're in the middle


coved and we're social distancing but

dan i just want to

give you a virtual big hug and say thank

you to to you and your

your many many money members um

dan and i have a great relationship and

in these challenging times we want to

pool our resources to help reopen the


and bring back jobs safely and i know

president trump wants to see that happen

in such a strong way for our country

navcu and the export-import bank of the

united states

are about to join together in an effort

that will increase the number of credit


offering working capital loan guarantees

and other

exim products and thereby give greater

access to

lending opportunities for businesses

across the nation

that export great high quality made in

the usa goods and services to that

global marketplace

there's such great opportunity for

business success in our country

outside of our borders and we want to

help our american businesses do that

this memorandum of understanding we're

about to sign is the result of a number

of discussions

between dan and myself and a lot of hard

work by matthew and our

ex-im staff dan again thank you for your


and your passionate efforts on behalf of

nashville's members

i also want to thank luke lindbergh and

the others at xm

whose efforts made this possible

federally insured credit unions are an

important part of the united states


structure with more than 5 000

institutions with the total membership

reaching 120.4 million members during

the fourth quarter of 2019

and total assets of 1.57 trillion


in outstanding loans of 64 billion


as the document we are both about the

sign states credit unions

with their not-for-profit mission-based

focus are positioned to fill gaps

of capital for businesses especially

women-owned minority-owned and

veteran-owned businesses those things

are a priority

for me and for example

credit unions will benefit as their risk

is reduced on small business loans and


increasing the financing and for

increasing financing resources available

to their small business members

ultimately this will strengthen and

create employment opportunities for

small businesses

in their export relationships let me

describe what the export import bank of

the united states does we've been around

for 86 years

and we fill gaps in private export

finance in order to bolster u.s job


we provide trade financing solutions

such as export credit insurance

working capital guarantees and

guarantees of commercial loans to

foreign buyers

to empower exporters of u.s goods and


just this last fiscal year in fy 2019

xm authorized 8.2 billion dollars in

financing in support of an estimated

nine billion dollars in u.s export sales

nearly 2.3 billion dollars of

atmospheric small business


one of the important benefits of credit

unions especially today as we work to

reopen our economy in the aftermath of

kobit 19

is your great ability to support small


credit unions have already done much but

could do even more by providing your

small business exporters

with working capital loans guaranteed

through exim

these loans offer great opportunities

including that they are exempt as damn

mentioned from the credit union member

business cap of 12.5

to 5 percent here are some of the things

excellent will be undertaking through

this new partnership

we will begin to utilize nafta's

webinars to offer training to nafta

member credit unions

we will answer matthew member credit

unions questions and periodic conference


and we'll provide speakers to take part

enact these workshops to discuss

xm financing and other business topics

and we will review acts and programs to

determine how more credit unions can


on june 9th as dan mentioned i signed a

previous memorandum of understanding

with national credit union

administration chairman rodney hook

the ncua as you know is the federal

government agency that oversees credit

unions i'm glad our two agencies are now

working together

today's signing is still another way to

promote exims export financing products


credit unions and all of its members dan

thank you for taking this step for me

we've talked about it now

for two and a half years and i'm so


thank you again and now we are going to

sign this

wonderful memorandum of understanding

thank thank you

there we go i'm just going to give you

the last page

excellent thank you thumbs up

thank you so much dixon thank you for

your leadership madam sheryl really

appreciate it matthews

uh very much appreciative of your

leadership thank you thank you