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From the Editors of CU Weekly
ROYCE: NEXT STEP FOR MBL LEGISLATION
|Rep. Ed Royce R-CA
02/25/14 12:37 PM
'We Still Have Work to Do'
Representative Ed Royce, R-CA, announced today during the Credit Union National Association's 2014 Governmental Affairs Conference (GAC) that he will introduce legislation giving parity for credit unions with respect to standing law for banks.
The legislation is a complement to H.R. 688, the Credit Union Residential Loan Parity Act, to exempt loans for non-owner occupied one-to-four unit dwellings from the current member business lending cap on credit unions (12.25 percent of assets).
"While it's not a panacea to your business lending needs, it will greatly improve how you serve your members," Royce said.