Credit unions got a glimmer of hope today when Sen. Charles Schumer (D-N.Y.) said he still would like to have legislation to lift the cap on member business lending.
"I do hope to get that as part of a future jobs bill or as part of the [financial services] regulatory restructuring legislation," Schumer said in response to a question from Credit Union Times during a conference call with reporters.
When asked why the legislation-which he has strongly backed-wasn't included in the jobs bill that lawmakers are scheduled to take up next week, Schumer replied "The bill is narrow and we wanted to keep it focused on provisions that have had bipartisan support."
The bill would lift the cap on member business loans from 12.25% of assets to 25% of assets.
Schumer, the number three member of the Democratic leadership and a senior member of the Banking Committee, said he's not sure how many of the 59 members of the Democratic caucus would support the jobs bill but said there is "very broad support" among members of varying ideological leanings.
He noted that while he hasn't heard of any Republicans who have committed to supporting the bill, several have said they are considering doing so.
