Bill
HR 1791
HR 1791 boosts credit unions' ability to lend to small businesses by raising lending limits, fostering job creation and economic growth, especially in underserved areas.
The Increasing Credit Union Lending for Business Growth Act (HR 1791) aims to enhance the ability of credit unions to provide loans to small businesses. The bill seeks to stimulate economic growth by increasing access to capital for entrepreneurs and small business owners, thereby fostering job creation and innovation in local communities.
Increased Lending Limits: The bill proposes to raise the cap on credit union business lending from the current limit of 12.25% of a credit union's total assets to a higher percentage, allowing credit unions to extend more loans to small businesses.
Regulatory Adjustments: It includes provisions to streamline the regulatory process for credit unions, making it easier for them to assess and approve business loans.
Support for Small Businesses: The legislation emphasizes support for small businesses, particularly those in underserved communities, by encouraging credit unions to engage in lending practices that prioritize these enterprises.
Reporting Requirements: Credit unions would be required to report on their business lending activities, ensuring transparency and accountability in how funds are allocated.
Credit Unions: The primary beneficiaries of this bill would be credit unions, which would gain greater flexibility and capacity to lend to small businesses.
Small Businesses: Entrepreneurs and small business owners, especially those in underserved areas, would have improved access to financing options, potentially leading to increased growth and job creation.
Local Economies: The bill is expected to have a positive impact on local economies by fostering a more vibrant small business sector.
Introduced Date: The bill was introduced in the House on March 3, 2025.
Committee Referral: Following its introduction, HR 1791 was referred to the House Committee on Financial Services for further consideration.
Sponsorship: The bill is sponsored by Vicente Gonzalez and co-sponsored by Brian K. Fitzpatrick, indicating bipartisan support for the initiative.
HR 1791 represents a significant legislative effort to empower credit unions to play a more active role in supporting small business growth. By increasing lending limits and reducing regulatory burdens, the bill aims to enhance access to capital for entrepreneurs, ultimately contributing to economic development and job creation in communities across the country.
Compiled from official sources — confirm details with the bill’s official record.
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