Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) today introduced legislation to raise the cap on member business loans from credit unions to as much as 27.5% of assets.
"This legislation takes an important step in shifting our current economic path and putting Americans back to work," Royce said in a statement.The current cap on business loans is 12.25% of assets.
The bill is a companion measure to the bill introduced by Sen. Mark Udall (D-Colo.) last month and has 18 co-sponsors.
Click here to read the text of Udall's bill S. 509.
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