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Credit Union Bill Re-Introduced in Senate

Posted on 2/15/2013

Reps. Ed Royce (R-CA) and Carolyn McCarthy (D-NY) yesterday re-introduced ABA-opposed legislation (H.R. 688) 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 member business loans outstanding at the end of each of the four consecutive quarters immediately preceding their application date; can demonstrate at least five years experience soundly underwriting and servicing such loans; and have the requisite policies and experience in managing them.

Credit unions also would have to satisfy other standards that the National Credit Union Administration Board determines are needed to maintain their safety and soundness.

NDBA remains opposed to expanding the lending powers of a tax-exempt industry at the expense of tax-paying community banks.

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