Rep. Russ Carnahan (D-Mo.) said he will continue to make the case for raising the member business lending cap.
Carnahan shared that message with credit union leaders at an Aug. 5 meeting held at his St. Louis County district office, according to the Missouri Credit Union Association.
Carnahan is a co-sponsor of H.R. 1418, the Small Business Lending Enhancement Act, which would raise the MBL cap from 12.25% of assets to 27.5%.
“I think that no-cost ways to help consumers and small businesses – like the member business lending bill – should move forward,” Carnahan said. “If not now, when?”
If passed, it is estimated that the H.R. 1418 would create 1,676 new jobs and generate $154,212,459 in business loans during the first year in Missouri alone, the MCUA said.