WASHINGTON–A new bill has been introduced in the House that seeks to  expand credit unions’ ability to serve small businesses. The legislation has the backing of America’s Credit Unions.

Reps. Vicente Gonzalez  (D-TX) and Brian Fitzpatrick  (R-PA) introduced the Increasing Credit Union Lending for Business Growth Act (H.R. 1791), which t would exempt member business loans up to $100,000 from the MBL cap of 12.25% of assets, raising it from the current threshold of $50,000 and providing provide greater flexibility for more small businesses to get the loans they need from a credit union.   

‘Important Role’

“Credit unions play an important role in helping small businesses thrive, as many rely on their local credit unions for safe, secure, and reliable loans. Outdated business loan restrictions limit the credit unions’ ability to empower small business growth that revitalizes communities,” ACU Chief Advocacy Officer Carrie Hunt said in a statement.  “America’s Credit Unions applauds Representatives Gonzalez and Fitzpatrick for recognizing that credit unions are partners in achieving the American Dream and putting forth this critical legislation to better serve their communities.”   

Spokespersons for both the Cornerstone league and the CrossState CU Association praised their respective representatives for introducing the bill.

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