The Senate today passed a small business lending bill that includes a $30 billion fund to encourage community bank lending-but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
Lawmakers passed the measure 61-38. The amendment to increase credit unions' lending capacity, sponsored by Sen. Mark Udall (D-Colo.), was not among those that Senate leaders allowed to be considered.
The bank lobby threatened to withhold support for the bill if Udall's amendment was included.
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