A House subcommittee will explore whether to give credit unions an increase in the member business loan cap on Christopher Columbus' birthday.
The House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing on Oct. 12 at 2 p.m. regarding legislation to raise MBL cap from 12.25% to 27.5%. The panel hasn't officially announced the date but its staff members have informed officials of CUNA, NAFCU and other interested parties of this plan.
Subcommittee Chairman Shelley Moore Capito (R-W.Va.) announced last week during NAFCU's Congressional Caucus that the hearing would take place but didn't specify a date. She hasn't taken a position on the bill.
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