Press

CUNA-supported MBL legislation introduced in U.S. House

WASHINGTON, DC (March 2, 2015) — CUNA-supported legislation was introduced today by Representatives Ed Royce (R-Calif.) and Greg Meeks (D-N.Y.) to raise the cap on credit union member business lending from 12.25 percent to 27.5 percent of assets. The Credit Union Small Business Jobs Creation Act, H.R. 1188, is identical to a bill introduced by Royce in the last Congress.

“I thank Reps. Royce and Meeks for their strong leadership and support of credit unions and small businesses,” said CUNA president and CEO Jim Nussle. “This common sense legislation would allow credit unions to do so much more to help small businesses grow, creating jobs for hard working Americans and boosting our economy.”

To qualify for the higher member business lending threshold, credit unions must be well capitalized, have a history of member business lending experience, be operating near the cap for one year and receive approval from the National Credit Union Administration.

CUNA estimates that raising the cap would create 140,000 new jobs and allow credit unions to lend an additional $13 billion to small businesses, with no cost to taxpayers.

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