Lobbyists for CUNA and NAFCU said today that Reps. Ed Royce andCarolyn McCarthy plan to introduce legislation this week to raisethe cap on member business loans to as much as 27.5% of assets.
|A spokeswoman for Royce (R-Cal.) declined comment and aspokesman for McCarthy (D-N.Y.) said the plan is to introduce thebill this week but the day is still being worked out.
|“Given this year’s budget deficit is projected to reach $1.6trillion, more stimulus spending is not an option,” the two wrotein a letter to colleagues seeking support for the legislation. “TheSmall Business Lending Enhancement Act will provide much neededfinancing for small businesses without spending a single taxdollar.”
|The current cap on business loans is 12.25% of assets.
|The bill is a companion measure to the bill introduced by Sen.Mark Udall (D-Colo.) last month and has 18 cosponsors.
|Click here to read the textof Udall's bill S. 509.
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