A bipartisan group of senators last night introduced a bill to expand credit union business lending authority.
The text of S. 2919 had not been received by the Government Printing Office as of this morning. However, a CUNA lobbyist said he expected the legislation to maintain the increase in the business lending cap from 12.25% to 25% of assets and the increase in the threshold of what is considered a business loan from $50,000 to $250,000.
CUNA Senior Vice President of Legislative Affairs John Magill said the push will again be to use the jobs bill as a vehicle for passage. He pointed out that the bill would creating 108,000 new jobs and permit $10 billion in new lending for small businesses. When asked about the bill's chances, Magill replied, "I feel better than I have in the four years I've been here."
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