The National Association of Realtors has agreed to sign the open letter circulated by CUNA encouraging Congress and the president to increase the amount credit unions can lend to businesses.
CUNA President/CEO said the action was "highly significant," and would strengthen their case, in part because of the Realtors' strong political network. The letter is currently signed by 15 business organizations.
CUNA and NAFCU are pushing for legislation that would raise the amount credit unions can lend from 12.25% of their assets to 25%.
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Both groups made similar points in letters they sent to President Obama on Monday.
In NAFCU's letter, which also went to Small Business Administration Administrator Karen Mills, the association called for including credit unions in the administration's proposal to make low-cost loans available for community banks and credit unions designated as "Community Development Financial Institutions" through the SBA.
"I would like to reiterate NAFCU's strong support for your continued focus on small business lending and appeal to you to facilitate increased participation in this sector by credit unions," NAFCU President/CEO Fred Becker wrote.
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