Sen. Mark Udall called banker arguments opposing the MBL cap hike “flat-out wrong.”

Sen. Mark Udall (D-Colo.), primary sponsor of S.2231, which would increase the member business lending cap to 27.5% of assets, received loud cheers as he spoke in favor of the legislation to about 500 gathered in Washington Nov. 27 to hike the hill in favor of the bill.

Udall told the credit union executives, small business owners and members of Congress squeezed into the Kennedy Caucus Room at the Senate Russell Office Building that banker arguments opposing the bill are “flat-out wrong.” And he added that the MBL cap is a drain on the economy because “we know small businesses aren’t able to generate the loans they need from the banking sector.”

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