The Independent Community Bankers of America has written President Barack Obama that raising the cap on credit union member business lending would primarily help a minority of larger credit unions and further erode the nation's tax base.
The letter sent Tuesday argued that more credit union member business lending would only hurt local banks. It also argued for ending the tax exemption for large credit unions.
Credit union lobbyists are expected to push again for passage of legislation raising the MBL cap when Congress returns after Labor Day.
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