N.J. League Urges MBL Call to Action
Credit unions in New Jersey are being encouraged to make their voices heard this week as the Senate debates the Small Business Lending Fund Act and an amendment that would increase the member business lending cap.
Under H.R. 5297, a $30 billion fund to encourage community banks to lend to small businesses would be created. Senator Mark Udall (D-Colo.) has introduced an amendment to this bill to increase the MBL cap to 27.5% of total assets for credit unions that meet certain criteria and are approved by the NCUA. The league said the amendment's language is identical to the language that Treasury submitted to Congress earlier this year and debate and a vote on it could take place this week.