WASHINGTON — CUNA said today it continues to make the rounds in the House and Senate to include two member business lending provisions in an economic stimulus package.
The provisions are raising the current member business lending cap from 12.25% of assets to 20% of assets and increasing the minimum threshold for a qualifying member business loan from $50,000 to $100,000. Both provisions are a part of the Credit Union Regulatory Improvements Act (H.R. 1537).
According to Ryan Donovan, CUNA vice president of legislative affairs, the trade group continued to discuss inclusion with Congressional leaders yesterday. The House version of an economic stimulus package, which contains only six provisions, does not address credit unions. Donovan said CUNA is now shifting its focus to the Senate with the hope that legislators there will have a more expanded stimulus package.
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Congress received thousands of requests for inclusions in the House's economic stimulus package last week, Donovan said. CUNA's proposal may be the exception among those because the member business lending provisions do not have a revenue component attached, he added.
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