Rep. Richard Hanna (R-N.Y.) and Rep. Charles Rangel (D-N.Y.) have signed on as cosponsors of H.R. 1418, the Small Business Lending Enhancement Act, according to a release from the Credit Union Association of New York.
“We commend our member credit unions in Congressmen Hanna and Rangel’s districts for their efforts to advance this important legislation,” said William Mellin, CUANY president/CEO.
CUANY, CUNA and other state associations/leagues have been working to advance the Small Business Lending Enhancement Act in Congress. Through district office visits and other grassroots advocacy, New York credit unions have helped build support among their representatives, with Hanna and Rangel increasing the number of New York co-sponsors to 11.
The bill would raise the MBL cap from 12.25% of total credit union assets to 27.5%.