SALT LAKE CITY — The Utah Senate Monday appeared to be moving swiftly to adopt a compromise bill to ease restrictions on member business lending for state-chartered credit unions after a unanimous vote late Friday on the measure by the Senate Workforce Services/Community and Economic Development Committee.

The Utah League of Credit Unions has said the bill, which eliminates a six month wait before a new member can obtain a loan and increases the $250,000 cap on individual business loans, is acceptable.

The measure, which has the blessing of Senate Majority Leader Curtis Bramble (R. Provo) who helped negotiate a pact between the league and the Utah Bankers Association, would also raise the cap on personal loans from the current 1% of members' savings plus retained earnings to 4%.

In a statement issued last week echoing a well-used refrain, the president/CEO of the Utah Bankers Association, Howard Headlee, maintained “it will be very unfortunate” if CUs gaining the new authority “abandon their historic mission of serving individuals of 'modest means' and follow the lead of the larger bank-like credit unions. If they stray too far, they too will have their tax exempt status called into question.”