WASHINGTON — Saying that it is a “no brainer,” Sen. Mark Udall announced today he would renew his push for his legislation to raise the cap on member business loans.
In his speech at the CUNA Governmental Affairs Conference, he called the measure a “sure-fire way to grow the economy.”
Udall (D-Colo.) didn’t discuss the measure’s prospects but urged attendees to encourage their senator to sign on to the bill.
The measure would raise the current cap from 12.25% of assets to up to 27.5%.
Though there is considerable support for the bill, it has died in the last few sessions of Congress, in part because of the opposition from the banks.
Udall admitted that it is risky to get between banks and credit unions, but said he feels strongly about this issue.