Credit unions in New Jersey are being encouraged to make their voices heard this week as the Senate debates the Small Business Lending Fund Act and an amendment that would increase the member business lending cap.
Under H.R. 5297, a $30 billion fund to encourage community banks to lend to small businesses would be created. Senator Mark Udall (D-Colo.) has introduced an amendment to this bill to increase the MBL cap to 27.5% of total assets for credit unions that meet certain criteria and are approved by the NCUA. The league said the amendment's language is identical to the language that Treasury submitted to Congress earlier this year and debate and a vote on it could take place this week.
A prewritten letter is available at the NJCUL Government Affairs Online Action Center to personalize and e-mail or fax to senators. A sample credit union member call to action and constituent letter are also available at the NJCUL's Government Affairs Update Center. In lieu of using the online action center, a copy of the letter can be e-mailed to Chris Abeel, the league's director of government affairs.
The league is also urging credit unions to contact New Jersey Senators Frank Lautenberg (D) and Robert Menendez (D) at 202-224-3121.