NAFCU reminded credit unions they should contact both senators and U.S. House representatives over the congressional break to gather support for increasing the member business lending cap.
A Supreme Court nomination and energy legislation are taking center stage in the Senate this week, thus putting a job creation bill on the back burner.
Partisan maneuvering derailed, at least temporarily, Senate action on s small business lending bill.
Excluding a provision to raise the member business loan cap would cost jobs and therefore CUNA will oppose the small business lending bill without such an amendment, CUNA President/CEO Bill Cheney wrote Senate leaders today
The combination of election-year politics and the desire of lawmakers not to have to choose between credit unions and community bankers have helped erect a series of roadblocks to raising the cap on member business lending.
Sen. Susan Collins (R-Maine) has become the first member of her party to sign on as a co-sponsor of an amendment by Sen. Mark Udall (D-Colo.) that would raise the cap of 12.25% of assets to up to 27.5% of assets.
Calling it a "zero dollar stimulus," NCUA Chairman Debbie Matz today urged the Senate to approve an amendment that would raise the cap on member business loans from 12.25% of assets to as high as 27.5% of assets.
Raising the cap on member business loans would do much to jumpstart the economy, NAFCU Executive Vice President Dan Berger wrote Senate leaders today.
LAS VEGAS -- If Colorado Senator Mark Udall's amendment to raise the regulatory credit union business lending cap to 27.5% is successful, it will create 108,000 new jobs in the first year.
CUNA and NAFCU are redoubling their efforts to lobby senators to support an amendment by Sen. Mark Udall (D-Colo.) that would raise the cap on member business loans from 12.25% of assets to 27.5% of assets.