Reiterating his support to the Credit Union Association of New Mexico, U.S. Rep. Martin Heinrich (D-N.M.), a co-sponsor of H.R. 3880 legislation to raise the member business lending cap, said the change makes fiscal sense for small businesses.
"We've got to take a smart approach to regulation that goes after what the problems are. We shouldn't blame or hold accountable credit unions and community banks for some of the problems Wall Street banks created," Heinrich said. "We need to come up with policies that treat small community institutions differently than national institutions. That is the smart and correct approach to regulation."
Heinrich also recently wrote a letter to Speaker of the House Nancy Pelosi and House Majority Leader Steny Hoyer urging them to raise the cap on credit union business lending from 12.25% to 25% of total assets.
"An increasing number of small business owners in New Mexico's First Congressional district have also told me that they have had great difficulty in accessing credit to hire new workers, expand operations, purchase equipment, and preserve jobs. Credit unions remain willing to lend to their small business-owning members," Heinrich wrote in the letter.