Reps. Brad Sherman (D-Calif.) and Brian Fitzpatrick (R-Pa.) introduced legislation Monday that would exempt all credit union member business loans made during a declared disaster from the member business lending cap for one year. CUNA and its League partners requested such an exemption in its engagement with Congress and the administration.
“Thanks to Reps. Sherman and Fitzpatrick for their bipartisan introducing this to ensure that all available business credit is deployable during and after the pandemic so small businesses can get back to business and Main Street communities can recover quickly,” said CUNA President/CEO Jim Nussle. “We look forward to engaging further with Congress to advance this bipartisan legislation.”
The bill, the Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2021, comes as CUNA kicks off its 2021 Governmental Affairs Conference, and the enhanced flexibility is one of CUNA’s top COVID relief priorities.