Comparing the fight between credit unions and banks to the feud between two 19th Century families in West Virginia and Kentucky, Sen. Mark Udall today urged his colleagues to ignore the objections of the banking lobby and raise the cap on member business loans.
"We all know the national associations for banks and credit unions regularly snipe at each other. It's like the Hatfields and McCoys, but this is not a bank or credit union issue. This is a small business issue," Udall (D-Colo.) said during a floor speech, in support of his amendment to raise the cap on MBLs from 12.35% of assets to as much as 27.5% of assets.
Udall and the credit union trade associations are seeking to get enough support for the amendment to get it attached to the small business lending bill that the Senate is expected to resume considering this week.
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