INSIGHTS
The Lending Brief newsletter, plus posts and research — current thinking on federal credit, lending trends, policy, and modernization.
Research & Commentary
August 2026
Dear Colleague Letter
Read →July 2026
An updated look at how the federal student loan portfolio faces a second wave of defaults. Here's what the data show and what should happen next.
Read →July 2026
The federal student loan portfolio faces a second wave of defaults. Here's what the data show and what should happen next.
Read →July 2026
Before Washington determines whether to sell its $1.6 trillion student loan portfolio, it should reckon with its own accounting rules and volatile repayment policies.
Read →June 2026
Ensuring availability of critical minerals required bold, targeted action. Financing critical medicines will require the same resolve — tailored to the distinct economics of drugs.
Read →June 2026
Smarter underwriting, better servicing, and modern technology can unlock billions in additional lending without increasing federal spending.
Read →April 2026
The U.S. government's increasingly becoming an equity investor. That can be defensible. The way it's happening is not.
Read →June 2026
This analysis provides objective insights to inform congressional consideration of the Federal Loan Systems Modernization Act.
Read →The Lending Brief Podcast
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, we're joined by Joanna Mikulski, founder of Mikulski Strategies and former policy advisor at the Biden White House Domestic Policy Council, for a conversation that bridges the worlds of federal credit, workforce development, and economic policy.
Read issue Episode #16 →SUBSCRIBE — FREE
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THE LENDING BRIEF — ARCHIVE
Issue #5
July 16, 2026
Newsletter July 2026
SBA announced a new rule, effective July 4, allowing eligible borrowers to combine 7(a) and 504 loans for up to $10 million in SBA-backed financing, doubling the previous $5 million cumulative cap. Under the new policy, borrowers who secure a 7(a) loan first may access up to $5 million through each program.
Podcast #15
July 9, 2026
How Federal Credit Modeling Has Grown Up
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, we're joined by Roman Iwachiw, founder of FI Consulting and a 25-year veteran of federal credit analytics, for a candid look at how the government's approach to managing its $5 trillion lending portfolio has evolved, and where it still falls short.
Issue #4
June 18, 2026
Newsletter June 2026
On June 4, USDA announced that it’s consolidating more than 130 loan and grant systems, some dating to 1968, into a single modern platform. The new system is meant to carry roughly 1.2 million active files with one customer record, online intake and eligibility tools, and online payments.
Podcast #14
June 10, 2026
Lender of Last Opportunity: Federal Credit, Nuclear Energy, and the Infrastructure Gap
In this episode of The Center for USA Lending’s The Lending Brief, sponsored by Allocore, we’re joined by Owen Barwell, five-time CFO of multiple federal agencies including the Department of Energy and the Nuclear Regulatory Commission, for a wide-ranging conversation on the role of federal lending in financing what private capital won’t touch.
Podcast #13
May 27, 2026
The Envy of the World- US Housing Finance in a Global Context
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, we're joined by Liz Kamins, a 25-year veteran of housing finance and former senior leader at Fannie Mae, for a global tour of mortgage market innovation.
Issue #3
May 21, 2026
Newsletter May 2026
Matt Lira argues in FedScoop that the $5 trillion federal credit portfolio, spread across 135+ programs on separate systems, is failing borrowers less on eligibility than on navigation. He makes the case for Lending.gov, a bill that would drive back-office shared infrastructure for credit agencies while leaving agency loan-making authority intact.
Podcast #12
May 13, 2026
$1.6 Trillion Rollercoaster- the Federal Student Loan Portfolio
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, we're joined by Jay Hurt, former CFO of the Office of Federal Student Aid and a 34-year veteran of the U.S. Department of Education, for a candid look at one of the federal government's most complex and politically charged credit programs.
Podcast #11
April 29, 2026
Inside FHA and the Future of Housing Finance
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, we're joined by Jeffrey Little, former senior executive at the Federal Housing Administration and current Deputy Director of the National Leased Housing Association, for a behind-the-scenes look at the federal government’s largest housing credit program.
Issue #2
April 16, 2026
Newsletter April 2026
Government Executive covered the Federal Loan Systems Modernization Act as a structural shift, not just a tech upgrade: agencies would face a clear choice to migrate to the shared platform or justify staying on their own.
Podcast #10
April 15, 2026
$1.7 Trillion in Student Loans, Who’s Going to Manage Them?
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, we're joined by Kyle Shohfi, an education policy analyst at the Congressional Research Service, for an inside look at the federal student loan portfolio and the seismic policy shifts reshaping it.
March 19, 2026
March 2026
Podcast #9
March 18, 2026
From Field Offices to $220B: Inside USDA’s Lending Empire
In this episode of The Center for USA Lending’s The Lending Brief, sponsored by Allocore, we sit down with longtime USDA leader Roger Glendenning for a sweeping look at one of the federal government’s largest and most complex lending portfolios.
Podcast #8
March 4, 2026
An Inside look at the SBA’s Pandemic Response
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, we're joined by two veterans of the Small Business Administration, Kate Aaby, former CFO, and Steve Kucharski, former CIO, for a candid look at what it actually took to run the Paycheck Protection Program.
Podcast #7
February 18, 2026
Doug Criscitello on the Past, Present, and Future of Federal Lending
In this episode of The Center for USA Lending's The Lending Brief, sponsored by Allocore, Robert Shea welcomes Doug Criscitello in his new role as Executive Director of the Center and co-host of the podcast
Podcast #6
February 4, 2026
Bill Webner on Why Federal Lending Needs a Single, Modern Platform
In this episode of The Lending Brief (sponsored by Allocore), Bill Webner, CEO of Allocore, joins the podcast to break down why federal lending remains one of government’s most mission-critical—but technologically neglected—functions, and what it will take to modernize it at scale.
Podcast #5
January 21, 2026
Inside the Machinery of Federal Lending with Anthony Curcio
In this episode of The Lending Brief (sponsored by Allocore), the GovNavigators talk with Anthony Curcio, Senior Partner at Summit Consulting and longtime federal credit expert, about the fundamentals of government lending.
Podcast #4
January 7, 2026
Dave Lebryk on the Future of Federal Lending
In this episode of The Lending Brief (sponsored by Allocore), former Treasury Fiscal Assistant Secretary and Acting Deputy Secretary Dave Lebryk joins the show to reflect on a career at the center of federal financial management—from government-wide data modernization to delivering emergency payments at historic speed.
Podcast #3
December 10, 2025
Kate Aaby on Breaking Silos and Modernizing Federal Lending
In this episode of The Lending Brief (sponsored by Allocore), former SBA CFO and Associate Administrator Kate Aaby joins to unpack what it really takes to manage and modernize one of the federal government’s largest loan portfolios.
Podcast #2
November 12, 2025
Ben Wallace on Modernizing Federal Loan Systems
In this episode, Allocore Managing Director Ben Wallace joins to discuss how government lending programs can finally catch up to the scale and speed of modern finance.
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