So far, three lawmakers have signed on as co-sponsors to the bill introduced yesterday by Reps. Edward Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) that would raise the cap on credit union member business loans from 12.25% to as much as 27.5%
The co-sponsors are Reps. Russ Carnahan (D-Mo.), Hank Johnson (D-Ga.) and Gary Peters (D-Mich.). There are 435 members of the House.
The measure is a companion measure to a bill introduced last month by Sen. Mark Udall (D-Colo.) Udall’s bill has 18 co-sponsors in the 100-member Senate.
Earlier this week, Sen. Charles Schumer (D-N.Y.), a cosponsor of the measure and the third-ranking member of his party’s leadership, said in response to a question from Credit Union Times that there was a “decent” chance the bill will pass this session.
Click here to see the bill's text.