Bid Would Expand CUs' Role In Disaster Relief

WASHINGTON -- The Senate Small Business Committee last week approved a bill to increase the capabilities of the Small Business Administration in disaster relief by, among other things, allowing the credit unions to provide loss verification and loan processing services. The bill would also provide a short-term bridge loan partnership between the SBA and states to expedite loans to small businesses impacted by disasters. The bill, which was introduced by Louisiana Sen. Mary Landrieu, whose state was devastated by Hurricane Katrina, must now be voted by the full Senate.