Credit Union MBL Bill Is Reintroduced
Rep. Ed Royce (R-Calif.) reintroduced legislation (H.R. 688) that would increase the credit union member business lending (MBL) cap to 27.5% of assets, from the current 12.25%-of-assets level, and the Credit Union National Association in a letter thanked Royce and co-sponsor Carolyn McCarthy (D-N.Y.) for their action. Read More
Legislation Would Raise Business Lending Caps For Credit Unions
Two House lawmakers have introduced bipartisan legislation that would more than double the business lending cap for credit unions.
Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) would raise the member business lending (MBL) cap to 27.5 percent, up from 12.25 percent of assets for eligible credit unions. Read More
Congress Gets Member Business Lending Bill Again
The congressional effort to raise the member business lending cap rides again.
"This legislation will not only allow credit unions to lend an additional $13 billion to small businesses, but will create 140,000 new jobs in the process," Royce said. "With a stagnant job market and unemployment rising to 7.9 percent, the Credit Union Small Business Jobs Creation Act is an important step in getting Americans back to work." Read More