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.
Defeating the effort to raise the cap on member business loans and ending the tax exemption for credit unions are among the top priorities of the Independent Community Bankers of America this year.
Sen. Mark Udall (D-Colo.) will try to make his legislation to raise the MBL cap to as much as 27.5% of assets an amendment to the bill currently pending in the Senate to fund the Small Business Administration.
Here we go again. Saying that it would “expand the options for small businesses at no expense to taxpayers,” Sen. Mark Udall (D-Colo.) last week reintroduced a measure to raise the cap on member business lending from 12.25% of assets to as much as 27.5% of assets.
First regulators put the squeeze to your credit unions and now the squeeze is on credit union executives.
Now comes the hard part. Former New York Governor Mario Cuomo famously said that “you campaign in poetry and govern in prose.”
CUNA and NAFCU are urging more senators to sign on as co-sponsors of Sen. Mark Udall’s bill to raise the cap on member business lending.
Sen. Mark Udall (D-Colo.) introduced a bill to raise the cap on member business loans from 12.25% of assets to 27.5%.
The continued push to raise the member business lending cap for credit unions in light of banks scaling back aid is the focus of an article in the Wall Street Journal.