Rep. Carolyn Maloney (D-N.Y.), a senior member of the House Financial Services Committee, announced at this week's credit union regulatory burden hearing she plans to introduce a bill that would exempt loans from the credit union member business lending cap that are made after federally declared natural disasters.
In a release, the congresswoman said the move would inject much-needed funds into local communities when they need it most.
"We all know Superstorm Sandy caused enormous destruction throughout the Northeast, and wildfires, hurricanes and tornados have wreaked similar havoc across the country," Maloney said after the hearing on Wednesday.
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