After a last minute whirlwind of appeals to President Obama and Congress to consider legislation that would increase the member business lending cap, both CUNA and NAFCU are urging credit unions not to let up.
Iowa company Troy Elevator is familiar with starting a business during uncertain times, having gotten its start on the eve of the Great Depression
The Senate is expected to break its impasse on a small business lending bill--which includes a $30 billion fund to encourage community bank lending--but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
Two more letters went out yesterday from NAFCU to key lawmakers urging the inclusion of language that would increase the member business lending cap.
Shunned by its bank, an 82-year old Iowa grain elevator company was saved from closing its doors for good thanks to a loan from a credit union.
The next time President Obama discusses ways to stimulate business lending he would "provide a critical boost" to credit unions by urging a raise in the cap on member business lending.
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.
Despite a recess in the Senate, CUNA is urging credit unions to continue meeting with senators in an effort to increase the member business lending cap.
The banking industry's push to stonewall attempts to attach an amendment to a bill that would raise the member business lending cap continues to draw the ire of the Wisconsin Credit Union League.
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.