Congress working on legislation to temporarily remove the Member Business Lending Caps
Friday, April 17, 2020
DCUC was an early supporter for removing the arbitrary cap on member business lending. As a result, Congress is now working on legislation that will temporarily remove this cap (for three years) and will also raise the current threshold ($50K) of what qualifies as a business loan.
In a letter to leadership, several dozen Members of Congress believe both of these measures are important in order to allow local credit unions to “effectively and efficiently unleash more capital to provide more loans to their small business members.” Plus, doing so comes at no direct cost to the taxpayer. Enactment of this legislation would immediately expand the resources available to local communities and small businesses and is a common sense step to take in any pandemic relief bill.
DCUC will continue to advocate for this bill and others as we collectively battle through the economic challenges posed by the COVID-19 pandemic.
Find the latest COVID-19 updates and resources on DCUC's COVID-19 information page.