Top Senate Dem Backs Raising Credit Union Lending Cap

Law360, New York (March 15, 2012, 7:02 PM EDT) -- The U.S. Senate's top Democrat on Thursday threw his support behind a bill that would increase credit unions' capacity to lend to small businesses, over the objection of banks that oppose the legislation.

Senate Majority Leader Harry Reid, D-Nev., said on the Senate floor that he would schedule a vote for the bill, which would allow credit unions to make loans to small businesses equal to 27.5 percent of their assets. Federal law currently caps the small business loans credit unions can make to 12.25 percent...
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