The Senate Banking Committee is expected to hold a hearing later this month on legislation by Sen. Mark Udall that would raise the cap on member business loans up to as much as 27.5%, several sources told Credit Union Times on Thursday.
The sources, who requested anonymity, said the panel is likely to hold a hearing during the week of June 13. A committee spokesman didn't immediately return a request for comment.
Credit unions have been fighting for this bill for several years and thought they came close last year but it was thwarted by procedural issues. Also, some senators were concerned that the bill, which has 18 cosponsors, hadn't been the subject of a hearing in that chamber.
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