In the wake of Friday's report that unemployment remained at 9.1% for the third consecutive month, there will be efforts this week on the House and Senate sides of Capitol Hill to move policy proposals aimed at bringing that number down.
For credit unions, the most important development will be Wednesday's hearing before the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit on legislation to raise the cap on member business loans from 12.25% to as much as 27.5%.
Lobbyists for CUNA and NAFCU have said they are still working with their congressional allies to find a vehicle to which to attach the measure. It is sponsored by Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) and so far has 79 cosponsors.
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