NCUA Chairman Debbie Matz said the legislation introduced by Sen. Mark Udall (D-Colo.) that would raise the cap on member business lending is a "welcome demonstration of the growing congressional interest in enhancing the ability of credit unions to help small business people."
She added that the measure, which was introduced last night, recognizes the important role credit unions can play in helping increase economic growth.
NAFCU President/CEO Fred Becker said his association appreciates "the confidence and support of credit unions demonstrated through the introduction of S. 2919...We believe this sends a strong signal that Congress will recognize the great resource that credit unions represent to small business and to our nation's recovery overall."
The Senate measure would increase the business lending cap from 12.25% to 25% of assets and the minimum threshold of what is considered a business loan from $50,000 to $250,000.
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