CUNA and NAFCU use last week’s jobs report to renew their push for lawmakers to raise the cap on member business lending.
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.
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.
Board move pinned on expected June 16 Senate Banking Committee hearing on legislation to raise member business lending cap.
CUNA’s PAC raised $93,774 in April and NAFCU’s raised $14,250, according to forms filed with the Federal Election Commission.
Lobbyists for CUNA and NAFCU said today that Reps. Ed Royce and Carolyn McCarthy plan to introduce legislation this week to raise the cap on member business loans to as much as 27.5% of assets.
Now comes the hard part. Former New York Governor Mario Cuomo famously said that “you campaign in poetry and govern in prose.”
Here we go again. Saying that it would “expand the options for small businesses at no expense to taxpayers,” Sen. Mark Udall (D-Colo.) last week reintroduced a measure to raise the cap on member business lending from 12.25% of assets to as much as 27.5% of assets.
Sen. Mark Udall (D-Colo.) introduced a bill to raise the cap on member business loans from 12.25% of assets to 27.5%.