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With less than a week before credit union execs are due to descend on Capitol Hill as part of CUNA's GAC, Congress swings into action.

Image: Fotolia

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U.S. Reps. Ed Royce and Gregory Meeks reintroduced the Credit Union Small Business Jobs Creation Act, which would increase the member business lending cap for qualified credit unions to 27.5% from its current 12.25%. The two lawmakers have teamed up to introduce this bill previously. In this Congress, the bill is currently HR 1188.

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Days before Reps. Royce and Meeks reintroduced their MBL bill, a Florida member of Congress introduced one of his own. U.S. Rep. Jeff Miller dropped HR133, which would amend the Federal Credit Union Act to make business loans made to veterans exempt from the 12.25% cap on MBLs. League of Southeastern CUs President Patrick LaPine praised the lawmaker for crafting a bill that will help enhance veterans' access to capital for the purpose of starting or financing a small business.

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Another new bill in Congress would call for the Government Accountability Office to study the NCUA budget. U.S. Rep. Mick Mulvaney introduced the NCUA Budget Transparency Act, HR 1176 for the purpose of examining the agency's policies and procedures related to establishing its budget and determining line-by-line budget data for the National Credit Union Share Insurance Fund, the Central Liquidity Fund and the Temporary corporate Stabilization Fund.

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Last month, U.S. Reps. Peter King and Brad Sherman reintroduced a bill that would open the door for credit unions to raise supplemental capital. The Capital Access for Small Business and Jobs Act would permit CUs to have access to supplemental capital in the form of payments into uninsured share accounts.

Image: Bloomberg


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