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Sen. Ron Wyden, D-Ore., with Sens. Lisa Murkowski, R-Alaska, Elizabeth Warren, D-Mass., and Ed Markey, D-Mass., as cosponsors, today introduced the "Credit Union Residential Loan Parity Act," NAFCU-backed legislation that would exempt certain residential loans from credit unions' federal statutory cap on member business lending.

NAFCU President and CEO Dan Berger welcomed the bill and thanked the senators for their support for credit unions' member business lending. "We thank Senators Wyden, Murkowski, Warren and Markey for their leadership in offering this bill and strongly encourage other senators to join in supporting it," said Berger. "If enacted, this measure would create added flexibility within this arbitrary cap so credit unions may better meet the capital needs of their member small businesses."

The Senate bill, S.836, is similar to H.R. 389, introduced this January by Reps. Ed Royce, R-Calif., Jared Huffman, D-Calif., Don Young, R-Alaska, and Peter DeFazio, D-Ore.

NAFCU has long held that removing or modifying the credit union MBL cap would help provide economic stimulus by allowing small businesses more access to credit without costing taxpayers a dime.