In a late-night session and after extensive procedural maneuverings, the Senate last night on Thursday, July 22, approved a $30 billion fund that community banks can access to fund more business loans.
The move came as an amendment to a small business lending bill.
It is uncertain what, if any, other amendments Senate leaders will allow to be offered, which means that credit unions may again fall short in their effort to win approval for an increase in the cap on member business loans from 12.25% of assets to 27.5% of assets. Sen. Mark Udall (D-Col.) has sponsored an amendment to permit that increase.