A House subcommittee will explore whether to give credit unions an increase in the member business loan cap on Christopher Columbus' birthday.
The House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing on Oct. 12 at 2 p.m. regarding legislation to raise MBL cap from 12.25% to 27.5%. The panel hasn't officially announced the date but its staff members have informed officials of CUNA, NAFCU and other interested parties of this plan.
Subcommittee Chairman Shelley Moore Capito (R-W.Va.) announced last week during NAFCU's Congressional Caucus that the hearing would take place but didn't specify a date. She hasn't taken a position on the bill.
There haven't been any witnesses announced, but when the Senate Banking Committee held a hearing on the subject in June NCUA Chairman Debbie Matz testified in favor of raising the cap. CUNA and NAFCU and two banking associations also sent witnesses.
Reps. Ed Royce (R-Calif.) and Carolyn McCarthy have sponsored the legislation and so far it has 79 cosponsors. Sen. Mark Udall (D-Colo.) has sponsored companion legislation in the Senate, which has garnered 21 cosponsors.
Prior to the Credit Union Membership Access Act, which passed in 1998, there was no cap on credit union business loans.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
