WASHINGTON — Sens. Susan Collins and Olympia Snowe, (both R-Maine), have become the third and fourth co-sponsors of a measure that would provide comprehensive regulatory relief to credit unions.
Collins and Snowe are backing the Credit Union Regulatory Improvements Act (S. 2957), which is sponsored by Sen. Joseph Lieberman (I-Connecticut). Sen. Bernard Sanders (I-Vermont) is the other co-sponsor of the measure, which includes risk-based capital reform and raises the member business lending cap from 12.25% to 20%.
Collins called the legislation "an opportunity for credit unions to better serve the thousands of small business owners in Maine and the millions across the country, as well as provide affordable financial services to more low-income consumers."
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