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Member business lending bill introduced in the U.S. Senate

Mon, May 20, 2013

Washington, District Of Columbia

Senator Mark Udall (D – CO) introduced legislation that would incrementally allow a credit union to increase its member business lending portfolio.  The bill (S. 968) is identically to legislation that Sen. Udall introduced during the last Congress, and would increase the member business lending the cap from its current 12.25% to 27.5%.  Any credit union seeking to increase its MBL cap would still have to demonstrate to the NCUA that it has the expertise, sound business lending practices, and that it has passed several lending landmarks.  Sen. Udall’s bill has a bipartisan coalition of 14 other Senators that have already co-sponsored it, but neither Maryland Senator has announced their support for the bill.  Therefore, MDDCCUA will be working hard to gain their support for the legislation.