Feb 25 - The Credit Union Small Business Jobs Creation Act (H.R. 688), was re-introduced by Reps. Ed Royce, R-Calif., and Carolyn McCarthy, D-N.Y. The legislation, which is opposed by the banking industry, would raise the current credit union member business lending cap from 12.25 percent to 27.5 percent.
To qualify for the higher cap, a credit union must be well-capitalized, have a history of member business lending experience, be operating near the lower cap for at least one year, and receive approval by the National Credit Union Administration. Reps. Royce and McCarthy were joined by 34 additional co-sponsors on the legislation.