CUNA letter cites survey showing that 60% of small businesses cite lack of credit as a serious problem; NAFCU says 12.25% cap hinders local lenders.
Businesses with 50 or less employees particularly important for job growth but less likely to benefit from government programs, get loans from big banks.
Sen. Mark Udall (D-Colo.), Rep. Ed Royce (R-Calif.) and Rep. Carolyn McCarthy (D-N.Y.) will apear at the March 18-22 conference in Washington, D.C.
For the past few years, advocates have continued to push for increasing the member business lending cap, and 2011 saw more of the same efforts.
Two members of the House add support; 218 needed.
Now comes the hard part. As tumultuous as the House subcommittee hearing on raising the cap on member business lending was, the really difficult battle will take place in the months ahead.
WASHINGTON — While the topic was ostensibly a bill to raise the cap on credit union member business lending, credit unions and banks sparred over a range of subjects at an Oct. 12 House subcommittee hearing.
House subcommittee hears both sides of debate over raising the member business lending cap for credit unions.
NCUA chair tells House panel that raising member business lending cap would help credit unions and small businesses alike.
House subcommittee hearing on proposed lifting of MBL cap set for Wednesday.