Legislation that would raise the cap on credit unions' business loans to members is poised for a mid-April showdown in the Senate.
Although credit unions failed to get a member business lending expansion package, S. 509, added to the JOBS bill that was passed by the Senate, credit union lobbyists did manage to convince Senate Majority Leader Harry Reid (D-Nev.) to bring the bill to the Senate floor for an up or down vote. The vote had not been officially scheduled as of press time.
S. 509, which was re-introduced as S. 2231 for procedural reasons, would raise the cap on credit union member business lending from 12.25% of assets to 27.5% of assets for credit unions meeting NCUA requirements.
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