Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) today introduced legislation to raise the cap on member business loans from credit unions to as much as 27.5% of assets.
"This legislation takes an important step in shifting our current economic path and putting Americans back to work," Royce said in a statement.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 co-sponsors.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.