CUNA and NAFCU are using today's hearing by the House Financial Service on small business lending to reiterate their push to raise the cap on member business loans.
Three amendments on the interchange issue would "impose heavy new restrictions on interchange fees," NAFCU Executive Vice President B. Dan Berger wrote Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell today.
Credit unions with assets of more than $10 billion would be subject to examination and enforcement by the new consumer financial products agency housed inside the Federal Reserve.
Even though they weren't invited to testify-and the banking trade associations were-CUNA and NAFCU sent letters to a Senate subcommittee urging lawmakers to raise the cap on member business lending.
As senators prepare a jobs-creation package that CUNA and NAFCU hope will include an increase in the MBL cap, the trades yesterday wrote letters reiterating their support for the measure.