House Passes Small Business Lending Bill
On a party-line vote, the House today passed a bill aimed at stimulating lending to small businesses, following a Senate vote last week.
The bill, which passed 237-187, creates a $30 billion fund that community banks can tap into to make small business loans.
The NCUA, CUNA and NAFCU unsuccessfully attempted to persuade senators to consider an amendment that would have raised the cap on member business loans from 12.25% of assets to 27.5%. The amendment wasn't among those allowed to be offered. To expedite passage in the House, lawmakers didn't allow any amendments in that chamber.
President Obama is scheduled to sign the bill on Monday.