Rep. Brad Sherman, D-Calif., officially introduced legislation Friday that would provide a three-year exemption from the credit union member business lending (MBL) cap for loans made to small businesses as they recover from coronavirus national emergency.
The bill was announced earlier in the week as Sherman circulated the bill text among the House seeking cosponsors. NAFCU President and CEO Dan Berger offered the association’s support in response to its announcement.
“We thank Representatives Brad Sherman (D-Calif.), Suzanne Bonamici (D-Ore.), Don Young (R-Alaska), and Brian Fitzpatrick (R-Pa.) for working with NAFCU and standing with credit unions that are looking to help small businesses and local communities overcome the financial impact of the coronavirus,” Berger said. “This legislation will go a long way toward ensuring more loans and capital reach those in need, and NAFCU stands to advocate for its passage during these uncertain economic times.”
Sixteen members – representing both parties – ultimately signed on as cosponsors prior to its introduction.
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