Member Business Lending Videos Posted by Trades
NAFCU and CUNA have each produced videos that urge credit unions and affected members to contact their senators in support of member business lending legislation, while lawmakers are home during the Senate’s spring recess.
While nobody knows exactly when the Senate will vote on S.2231, the bill is on the Senate’s calendar after it returns April 16, CUNA President/CEO Bill Cheney told viewers.
In addition to the traditional methods of writing, calling and emailing senators, Cheney also urged credit unions and their supporters to attend town hall meetings in senators’ home states, and ask about credit union member business lending. Supporters can also “like” a senator’s Facebook page and post something about S.2231 there, he said.
NAFCU President/CEO Fred Becker had a similar message, telling credit unions to engage their volunteers, staff and members who own small businesses.
Credit unions want to do more to provide loans to small businesses, he said. But their “hands are tied by a cap that was arbitrarily placed into law over a decade ago to placate the banking industry.”
Passing S.2231 will take a coordinated effort by the entire credit union industry, Becker said. “Let’s get this done,” he said in closing.
The videos come as President Obama signs the Jumpstart Our Business Startups Act on Thursday. The JOBS Act aims to provide capital to small businesses, but credit unions were unsuccessful in adding a member business lending provision to that bill and face a tougher task rounding up at least 60 votes to pass S.2231.