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FBN’s Rich Edson on new legislation that would allow credit unions to raise their business lending caps.
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Not everyone is onboard imagine that rich -- has this story rich.
When are they all on board -- don't think ever look credit unions they're lobbying lawmakers to more than double the amount of business loans they can issue from twelve at a quarter percent of their assets now.
227.
And a half percent in this proposal.
Credit unions have widespread and bipartisan support in congress and key lawmakers are strongly pushing this bill.
This legislation.
Would give -- give them the ability.
To get those loans or get that line of credit.
And hire and expand.
And that is what is going to be essential.
To turning this economy around.
Though there is significant opposition especially among small community banks they contend credit unions want to expand their businesses.
By taking customers away from them.
Credit unions are nonprofit and that means they pay no income taxes in the Independent Community Bankers Of America says.
Federal credit unions must not be allowed to further expand their tax exempt powers while evading the transparency and accountability.
To which other non profits are subject community bankers say that tax advantage -- credit unions and unfair competitive advantage.
And are pushing lawmakers to defeat this proposal should Bonnie we're talking my yesterday Amazon and -- card carrying robots why not join the party.
Sales hit her -- it doesn't look.
