Referring to credit unions as "taxpayer subsidized," the Independent Community Bankers of America wrote senators that raising the cap on member business loans would "be an unfair and ineffective means of increasing small business credit and would flout the tax subsidy given to credit unions to the detriments of community banks and the American taxpayer."

Sen. Mark Udall (D-Colo.), has offered an amendment to a small business lending bill pending in the Senate that would raise the cap on MBLs to as much as 27.5% of assets.

The letter, signed by ICBA President/CEO Camden Fine, said there is "ample capacity for credit unions to expand their lending if they choose to do so."

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