Friday, April 19, 2013

Bill Would Exempt Business Loans in Disaster Area from Cap

Representative Maloney (D - NY) introduced legislation that would permit credit unions to make unlimited member business loans in areas impacted by natural disasters.

The Small Business Disaster Relief and Recovery Act (H.R. 1646) will exempt credit union 'member business loans' from the member business loan cap of 12.25 percent of assets for a period of up to five years after a federal natural disaster declaration.

Other sponsors of the legislation are Representatives Grimm (R - NY) and McCarthy (D - NY).
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