Credit union representatives will meet with Sen. Warner and Rep. Hurt July 25 to urge their support of legislation that would raise the cap on member business lending.
Both lawmakers are key to our efforts: Warner sits on the Senate Banking Committee and Hurt is a member of the House Financial Services Committee.
Credit unions are asking Congress to pass the Credit Union Small Business Jobs Bill (S. 2231/H.R. 1418) to provide a taxpayer-free infusion of $13 billion in capital to small businesses to create 140,000 jobs nationally, by increasing the credit union lending cap to 27.5%. This approach has been endorsed by the Obama administration.
Credit unions have been making member-business loans (MBLs) since their inception in the early 1900s. In the first 90 years of their existence, there was no MBL cap on credit unions. The current cap is an arbitrary limit imposed by Congress in the Credit Union Membership Access Act of 1998 (CUMAA).
Think it makes sense to empower the nation’s credit unions to aid small business? Good! Please contact our lawmakers and thank them for seeing us and urge them to co-sponsor and support this job-creation, pro-small business legislation: