WASHINGTON — Credit union executives hiking the Hill this week at CUNA’s Governmental Affairs Conference here have bankers on the defensive.
The American Bankers Association issued an “Urgent Action Alert” to member banks yesterday, urging them to contact their senators and representatives to counter lobbying by credit unions.
The banking trade association is opposed to efforts to lift the member business lending cap; specifically, bills H.R. 1418 and S. 509.
“The credit unions are trying to make the playing field more uneven by trying to convince Congress that this bill will help small businesses and create jobs,” said the ABA, advising members on how to discuss the issue with Congress.
“This legislation is not about helping small businesses or creating jobs. It is about helping a handful of growth obsessed credit unions that want to make riskier commercial loans and abandon their mission of serving people of modest means,” the ABA said.
Talking points also included a jab at the tax-exempt status of the non-profit cooperatives.