Bill Increasing Credit Union Lending Introduced

March 29, 2011

Sen. Mark Udall (D-Colo.) recently introduced legislation that would increase the cap on credit union business lending from 12.25 percent of a credit union’s assets to 25 percent of total assets.

The Credit Union National Association estimates that these reforms will increase small-business lending by $10 billion within the first year of their enactment.

NSBA supports the legislation, believing any step that can improve the availability of credit for America’s small-business owners is welcome during this period. The legislation also has been endorsed by a diverse range of other business associations and is cosponsored by 18 senators.

Please click here to view NSBA’s letter of support for the Small Business Lending Enhancement Act of 2011(S. 509).