Member Business Lending Message to N.J. Senator: Reform Needed
McGraw-Hill Federal Credit Union recently appealed to Sen. Frank Lautenberg (D-N.J.) to support expanding the member business lending cap.
Lautenberg was a guest at Rider University’s Rebovich Institute for New Jersey Politics 2011-12 Governing New Jersey series. The $277 million credit union in East Windsor, N.J., and other industry leaders attended the event.
Credit union advocates are urging Congress to pass the Credit Union Small Business Jobs Act (S. 2231). The legislation would raise the percentage of a credit union’s assets it can lend to businesses from 12.25% to 27.5%.
A vote on the bill has not been scheduled.
“During challenging economic times, the spirit of credit unions has played an integral role in helping families regain financial wellness,” Shawn Gilfedder, president/CEO of McGraw-Hill FCU, said in a statement. “We believe it’s vital to lend a voice in support of this important legislation.”