Credit unions will have to wait until next year to expand member business lending following yesterday's unsuccessful effort by Sen. Mark Udall to bring up the legislation in the waning days of the lame duck Congress.
SAN ANTONIO -- Despite setbacks in the quest to get an increase in the cap on member business loans, CUNA President/CEO Bill Cheney said prospects are "not dead yet."
Did the credit union industry do enough to persuade legislators to include an amendment that would have raised the member business lending cap in a newly signed $30 billion small business lending law?
A bipartisan consensus of economists has told us repeatedly that one of the keys to creating jobs is increasing small businesses' access to loans. Yet while the economy is inching
he Senate last Thursday passed pass a small business lending bill-which includes a $30 billion fund to encourage community
The Senate today passed a small business lending bill that includes a $30 billion fund to encourage community bank lending-but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
After a last minute whirlwind of appeals to President Obama and Congress to consider legislation that would increase the member business lending cap, both CUNA and NAFCU are urging credit unions not to let up.
Iowa company Troy Elevator is familiar with starting a business during uncertain times, having gotten its start on the eve of the Great Depression
The Senate is expected to break its impasse on a small business lending bill--which includes a $30 billion fund to encourage community bank lending--but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
Two more letters went out yesterday from NAFCU to key lawmakers urging the inclusion of language that would increase the member business lending cap.