To say the battle to increase the member business lending cap has been an arduous one for the credit union industry would be an understatement.
WASHINGTON — NCUA Chairman Debbie Matz told a panel of skeptical senators that raising the cap on member business loans would actually improve credit unions’ risk environment while creating more jobs.
Senators signal their doubts on CU business lending while questioning Matz.
Hearing shows credit unions and banks still far apart on member business lending.
Agency promises to beef up enforcement to manage additional risks if cap is raised.
NCUA Chairman Debbie Matz is the lead witness in Thursday’s Senate Banking Committee hearing on legislation to raise the cap on member business loans.
Might this time finally be the charm for member business lending? After years of lobbying and cajoling, credit unions will finally get their wish on June 16 when the Senate Banking Committee holds a hearing on Sen. Mark Udall’s (D-Colo.) legislation to raise the cap on member business loans.
Last week credit unions and banks failed to muster the votes to even delay the interchange fee cap regulation by a year. One could argue it was a failure of the American political structure that grants some groups or individuals inordinate amounts of power.
Board move pinned on expected June 16 Senate Banking Committee hearing on legislation to raise member business lending cap.
The Senate Banking Committee is expected to hold a hearing later this month on legislation by Sen. Mark Udall that would raise the cap on member business loans up to as much as 27.5%, several sources told Credit Union Times on Thursday.