NAR Supports Credit Union Lending Bill
The Washington Report
On Wednesday, October 12, the U.S. House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on credit union member business lending. NAR sent a letter in support of H.R. 1418, the Small Business Lending Enhancement Act of 2011 (Royce, R-CA), which would raise the cap on member business lending from 12.25% to 27.5% of total assets for well-capitalized credit unions. This would allow credit unions to fill in the commercial real estate financing gap, and help get capital to the struggling small businesses who occupy commercial buildings. NAR will continue to engage with Congress and other stakeholders to push for a raise of the business lending cap for credit unions.