Rep. Brad Sherman (D-Calif.) introduced the Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act Friday, a bill to exempt credit union business loans related to the COVID-19 pandemic from the member business lending cap for three years.
The bill, the direct result of CUNA/League advocacy, is co-sponsored by Reps. Don Young (R-Alaska), Suzanne Bonamici (D-Ore.), Brian Fitzpatrick (R-Pa.), Eleanor Holmes Norton (D-D.C.), Grace Napolitano (D-Texas), Vicente Gonzalez (D-Texas), Paul Cook (R-Calif.), Jahana Hayes (D-Conn.), Abby Finkenauer (D-Iowa), Julia Brownley (D-Calif.), Jared Huffman (D-Calif.), Bill Pascrell (D-N.J.), Val Demings (D-Fla.), John Garamendi (D-Calif.), Doug LaMalfa (R-Calif.) and Jeff Van Drew (R-N.J.).
“We thank this bipartisan group of legislators for coming together to introduce a bill that will help deploy capital to businesses and communities where it’s badly needed,” said CUNA President/CEO Jim Nussle. “Credit unions will be integral to pandemic recovery efforts, and this bill give them needed flexibility to serve their member businesses even better.
Several of the bill’s co-sponsors also signed onto a Dear Colleague letter Thursday urging House members to support efforts to raise the credit union member business lending cap above the current 12.255 of assets.