CUNA and NAFCU are urging more senators to sign on as co-sponsors of Sen. Mark Udall’s bill to raise the cap on member business lending.
CUNA is urging credit unions to work through its Grassroots Action Center to encourage additional support for the bill, which would raise the cap on member business loans from 12.25% of assets to as much as 27.5% of assets.
NAFCU is also tapping its grassroots network and NAFCU Executive Vice President Dan Berger wrote a letter to lawmakers urging them to sign on to the bill.
“We can all agree that the strength of the economy and labor force is strongly influenced by the health and well being of the small business community. NAFCU member credit unions stand ready to bolster efforts to extend credit to small businesses from as many resources as possible,” Berger wrote in a letter to Sen. Majority Leader Harry Reid (D-Nev.) and Sen. Minority Leader Mitch McConnell (R-Ky.). Copies of the letter were sent to the 98 other members of the Senate.
Sen. Mark Udall (D-Colo.) reintroduced the bill, S. 509, on Tuesday. There are currently 13 co-sponsors.
To read a text of the bill, go to: http://thomas.loc.gov