Colorado Senator Promotes MBL Cap Increase Bill
Keeping the momentum going, Sen. Mark Udall (D-Colo.) is scheduled to speak at the Credit Union Association of Colorado this morning to promote legislation that would raise the member business lending cap.
Udall, along with several six other senators co-sponsored S. 2919, which was introduced in December. The bill seeks to raise the MBL limit from 12.25% of a credit union's assets to 25% and increase the minimum business loan subject to that cap from $50,000 to $250,000.
At today's news conference, Udall is set to be joined by a Colorado woman who had to take out a second mortgage on her house to open a salon five years ago, according to Udall's office.