NAFCU Withholds Support From Jobs Bill Unless CUs Included
NAFCU CEO Fred Becker has told senior leaders of the U.S. Senate that NAFCU will not support any jobs or economic stimulus bill that does not allow CUs to make additional member business loans or obtain supplementary capital.
Writing to Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) on Wednesday, Becker reminded the leaders of credit unions’ record on helping members during tough economic times and their need for these legislative measures.
It added that “[a]bsent serious consideration of these initiatives. NAFCU cannot support any 'jobs' package that does not include at least one of these bipartisan proposals.”
In subsequent paragraphs, Becker reminded the leaders that the NCUA and the U.S. Treasury had both signed off on legislation increasing the member business lending cap and then made a case for how access to supplemental capital could “further minimize the probability of credit union insolvency” as well as help CUs react more efficiently to market conditions and allow them more flexibility.
“Raising the credit union members business lending cap and allowing credit unions access to supplemental capital are key issues for NAFCU members and should be coupled with any other job creation efforts considered in the Senate. Anything less will represent another missed opportunity to maximize the availability of credit to American small businesses and help our economy recover,” Becker wrote.