Legislation that would raise the cap on credit unions' business loans to members is poised for a mid-April showdown in the Senate.
WASHINGTON — The timing is perfect for credit unions to lobby their congressional representatives to lift the business lending cap, a key CUNA lobbyist told the GAC.
In its latest push to gather support for increasing the member business lending cap, NAFCU recently called on the SBA to aid in the fight.
Samuel R. Whitfield Jr. is CUNA's new vice president, legislative affairs.
The House of Representatives has passed the Jumpstart Our Business Startups Act by a bipartisan vote of 390 to 23, but without any provision for lifting the cap on credit union member business lending.
Credit unions could accept supplemental capital that wouldn’t be insured by NCUSIF and would be subordinated to other claims, according to provisions of a bill introduced by Rep. Peter King (R-N.Y.) and Rep. Brad Sherman (D-Calif.).
The Small Business Administration would no longer be a separate entity and its functions would be incorporated into an agency that combines the functions of six agencies that deal with trade and business matters, according to a proposal made by President Obama.
Democratic House members won’t pick a successor to retiring Rep. Barney Frank (D-Mass.) in the top spot on the House Financial Services Committee for a year, and it’s far from a sure thing that the member next in line, Rep. Maxine Waters (D-Calif.), will get the nod.
If you’ve ever wanted to appeal the results of your credit union’s NCUA examination to someone outside the agency, a bill moving through the House of Representatives would allow you to do that.
This article will be among the news, features, analysis and insight filling the pages of the next print edition of Credit Union Times.