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.
Under a new bill, a separate SBA loan approval and repurchase program would be established for credit unions.
Sen. Mark Udall (D-Colo.), Rep. Ed Royce (R-Calif.) and Rep. Carolyn McCarthy (D-N.Y.) will apear at the March 18-22 conference in Washington, D.C.
For the past few years, advocates have continued to push for increasing the member business lending cap, and 2011 saw more of the same efforts.
Community bankers also ask President Obama to consider taxing billion-dollar credit unions.
CEO makes pitch to president at community college town hall meeting, tells Obama of having to reject business' loan request.
Rep. Russ Carnahan (D-Mo.) said he will continue to make the case for raising the member business lending cap.
Board move pinned on expected June 16 Senate Banking Committee hearing on legislation to raise member business lending cap.
Several of the state's credit unions are at or near the member business lending cap as measures move forward in Congress.