Reps. Ed Royce (R-Calif.) and Greg Meeks (D-N.Y.) reintroduced the Credit Union Small Business Jobs Creation Act March 2. The bill would raise the credit union member business loan cap from 12.25% to 27.5% of assets for eligible institutions.
Another piece of credit union legislation is introduced before CUNA's Governmental Affairs Conference.
Credit unions could accept supplemental capital that wouldn’t be insured by NCUSIF and would be subordinated to other claims, according to provisions of a bill introduced by Rep. Peter King (R-N.Y.) and Rep. Brad Sherman (D-Calif.).
ABA economist says supplemental capital bid "another attempt by credit unions to be more like banks."