The Senate Banking Committee is expected to hold a hearing later this month on legislation by Sen. Mark Udall that would raise the cap on member business loans up to as much as 27.5%, several sources told Credit Union Times on Thursday.
Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
Bankers may have a few holes in their anti-credit union business lending case if they’re looking at Texans Credit Union’s conservatorship.
A senior vice president with UBS' credit union groupo said the industry is at a crossroads and faces unprecedented challenges.
A California Republican and New York Democrat were preparing to introduce a member business lending cap bill similar to an existing Senate measure.
Three co-sponsors so far have joined the two original sponsors of the House member business loan cap bill, a companion to a Senate bill.
Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) today introduced legislation to raise the cap on member business loans from credit unions to as much as 27.5% of assets.
WASHINGTON - The Senate’s No. 3 Democrat said today there is a “decent’’ chance his chamber will pass Sen. Mark Udall’s bill to raise the cap on member business lending to as much as 27.5% of assets.
Lobbyists for CUNA and NAFCU said today that Reps. Ed Royce and Carolyn McCarthy plan to introduce legislation this week to raise the cap on member business loans to as much as 27.5% of assets.