Reps. Vicente Gonzalez, D-Texas, and Brian Fitzpatrick, R-Pa., introduced the bipartisan Member Business Loan Expansion Act Tuesday. The bill would expand credit union business lending ability to $100,000 (up from the current $50,000) and allow federal credit union loan maturities past 15 years.
“We thank Reps. Gonzalez and Fitzpatrick for their legislation to help credit unions provide more opportunities for members, including in the student loan arena,” said CUNA President/CEO Jim Nussle. “The current limit keeps additional affordable credit from credit unions from the market, and we appreciate the Congressman working together on this bipartisan bill.”
“Cornerstone League continues to strongly support Rep. Vincente Gonzalez’s reintroduction of legislation to protect our federal credit unions by raising the maturity limits on loans to more than 15 years, as well as increasing the member business lending threshold to $100,000 for all credit unions,” said Texas Credit Union Association Executive Director Gili Carter. “These are both needed and significant changes that will help our credit unions support their members by providing much needed additional affordable additional credit.”
Gonzalez and Fitzpatrick also introduced legislation Tuesday to exempt loans made to veteran-owned business from the member business lending cap.
“We applaud Rep. Brian Fitzpatrick for championing two bills that aim to modernize lending and create more flexibility for credit unions to serve their members, including veterans, in attaining their financial goals,” said Patrick Conway, CrossState Credit Union Association president/CEO.