Sponsors Royce and McCarthy pen letter to president ahead of Thursday night speech.
During the first five months of 2011, CUNA’s political action committee received $502,266 in contributions toward its efforts to influence the outcome of political campaigns, and NAFCU’s fundraising efforts netted $53,669, according to reports filed with the Federal Election Commission.
Trades report contributions to congressional lobbying efforts.
NCUA Chairman Debbie Matz is the lead witness in Thursday’s Senate Banking Committee hearing on legislation to raise the cap on member business loans.
Might this time finally be the charm for member business lending? After years of lobbying and cajoling, credit unions will finally get their wish on June 16 when the Senate Banking Committee holds a hearing on Sen. Mark Udall’s (D-Colo.) legislation to raise the cap on member business loans.
The Senate Banking Committee is expected to hold a hearing later this month on legislation by Sen. Mark Udall that would raise the cap on member business loans up to as much as 27.5%, several sources told Credit Union Times on Thursday.
Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
A California Republican and New York Democrat were preparing to introduce a member business lending cap bill similar to an existing Senate measure.
Three co-sponsors so far have joined the two original sponsors of the House member business loan cap bill, a companion to a Senate bill.
Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) today introduced legislation to raise the cap on member business loans from credit unions to as much as 27.5% of assets.