House Members Introduce Legislation to Lift MBL Cap During Crisis
Two House members have introduced legislation that would lift the member business lending cap during the pandemic in an effort to allow credit unions to make more loans during the economic crisis.
Reps. Brad Sherman (D-Calif.) and Brian Fitzpatrick (R-Pa.) introduced legislation Monday that would lift the cap of 12.25% for up to one year after the national emergency has ended. The exemption prohibits any business loan that would undermine the safety and soundness of a credit union.