U.S. Representative Ed Royce (R-Calif.) released the following statement after U.S. Representative Maxine Waters (D-Calif.), Ranking Member of the House Financial Services Committee, cosponsored two of his bipartisan credit union regulatory relief bills (H.R. 1188 and H.R. 1422):
“Freeing up our nation’s credit unions to grow their local economies isn’t a partisan cause, and I thank Ranking Member Waters for her support of these proposals that are backed by both Democrats and Republicans. Removing these arbitrary lending restrictions in this manner unlocks capital for small businesses looking to hire, expand, and invest, all the while ensuring the safety and soundness of the credit union system.”
H.R. 1188 (Royce-Meeks), the Credit Union Small Business Jobs Creation Act, increases the member business lending (MBL) cap for qualified credit unions from 12.25% to 27.5%. If enacted, the legislation would allow credit unions to lend an additional $13 billion to small businesses, which could create an estimated 140,000 new jobs. 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 cap for at least one year, and receive approval by the National Credit Union Administration (NCUA).
Source:: U.S. Rep. Ed Royce