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Feb. 14, 2013 –H.R. 688, a bill introduced today by Reps. Ed Royce, R-Calif., and Carolyn McCarthy, D-N.Y., to increase the credit union member business lending cap, would require the NCUA Board and the Government Accountability Office to report to Congress on the bill's impact within three years of enactment.

The "Credit Union Small BusinessJobs Creation Act"(see related story) tasks the NCUA Board with reporting to Congress on, among other things, the types and size of insured credit unions providing MBLs, sizes of loans, ratio to total assets and net worth, loan performance, number of credit unions refused the higher caps, types of businesses receiving loans.

The GAO would be required to conduct its own study and report to Congress on trends in credit union MBL activity, the effectiveness of the higher cap in enhancing small business lending and any GAO recommendations for legislative action.

NAFCU is helping to garner bill cosponsors and urges its members to join in that effort. Take action now.

• Take action now on H.R. 688