Efforts Heat Up On MBL
WASHINGTON—The political pitch to raise the credit union member business lending cap are claims that doing so will spur job growth. According to credit union executives that attended this year’s Governmental Affairs Conference, that claim is more than just wishful thinking.
Laura Illig, vice president of marketing at the $900 million SELCO Community Credit Union, said her Eugene, Ore.-based cooperative has turned members away because of current member business lending limits.
Rep. Ed Royce (R-Calif. told GAC general session attendees Wednesday morning that H.R. 1418 has more than 120 co-sponsors, and urged credit unions to tell personal stories to their representatives to give the bill even more momentum.
This bill “is important because in the economy now there are so many small companies that want to expand,” Royce said. “This would give them the ability to get that loan or line of credit … that is so essential to turning the economy around.”
“I will introduce this bill as an amendment to anything that moves across the floor this year,” Udall said. “You and I will find a way to get a vote on this bill as soon as possible.”
Like Royce, Udall urged credit union leaders to tell their personal stories to their elected officials, and direct them to contact his office for more information.