The Senate entered its second day of debate on the credit union bill Monday afternoon, clashing over three amendments that would impose tougher business lending limits on the nonprofit institutions and exempt small banks from CRA requirements.

Votes were expected late in the afternoon on amendments by Sen. Chuck Hagel, R-Neb., and Sen. Phil Gramm, R-Tex. Sen. Hagel's amendment would restrict business loans to 7% of credit union assets, tightening the 12.25% cap already in the legislation. Sen. Gramm wants to delete a requirement in the bill that credit unions serve people of modest means in their field of membership.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.