Bipartsan legislation introduced Monday would permit loans made as part of the COVID-19 relief effort not to county against limits on member business lending.
The Independent Community Bankers of America would not rule out legal action if Congress doesn't address the National Credit Union Administration's recent decision expanding the low-income designation.
Legislation announced Wednesday would allow credit unions to make coronavirus relief loans to businesses without fear of bumping up against the member business lending cap.
The National Association of Federally-Insured Credit Unions defended the credit union tax exemption and called for other financial reforms during a meeting Tuesday with Treasury Secretary Steven Mnuchin.
Sens. Ron Wyden, D-Ore., Lisa Murkowski, R-Alaska, Elizabeth Warren, D-Mass., and Ed Markey, D-Mass., introduced a bill Wednesday that would allow credit unions to increase their business lending.
The National Credit Union Administration and credit union trade groups cheered a judge's decision to dismiss a lawsuit against the agency's member business lending rule, but ICBA is still mulling the possibility of an appeal.
