WASHINGTON Sen. Mark Udall (D-CO) has introduced the “Small Business Lending Enhancement Act of 2013,” the latest legislation in Congress that seeks to raise the member business lending cap for credit unions.
Udall’s bill would raise that cap to 27.5% for eligible credit unions.
Both credit union trade groups issued statements in support of the bill, calling the current 12.25% cap “arbitrary” and saying the increased cap would lead to the creation of more jobs. Udall introduced a similar bill in the previous Congress. The bill has more than a dozen co-sponsors.
A companion piece of legislation, The Credit Union Small Business Jobs Creation Act, was introduced in the House in February by Reps. Ed Royce (R-CA) and Carolyn McCarthy (D-NY). Credit unions have been pursuing similar legislation in Congress for more than 10 years.
