Reps. Ed Royce (R-Calif.) and Gregory Meeks (D-N.Y.) yesterday re-introduced a bill (H.R. 1188) that would raise the member business-lending cap for certain credit unions from 12.25 percent to 27.5 percent of total assets.
The legislation would raise the cap for well-capitalized credit unions that have a history of member business lending, have operated near the current cap for at least one year and have received approval from the National Credit Union Administration.
Similar bills have failed to move forward in previous Congresses and I suspect the same fate awaits this bill.
Read the bill.
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