Sen. Mark Udall (D-Colo.) introduced an amendment to the jobs bill moving through the Senate today to increase credit union business lending authorities.
The amendment would increase the statutory cap on credit union loans to member businesses from 12.25% of assets to 27.5% of assets on the condition certain regulatory requirements are met. The amendment has not come up for a vote and will likely wait until after the 4th of July recess.
Credit unions have been working on this legislation for at least half-a-dozen years. CUNA estimates that the legislation could create 100,000 news jobs and inject $10 billion into the economy.
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