While Congress is out of session for a two-week Passover/Easter recess, CUNA and NAFCU are using the period to have their members lobby lawmakers on key issues facing credit unions.
CUNA is focusing on raising the cap on member business loans from 12.25% to 25% of assets. Legislation that would allow that has been introduced in both the House and Senate and it could be attached to jobs creation legislation that Congress may take up when it returns.
NAFCU is focusing its lobbying efforts on the regulatory reform legislation currently working its way through Congress and trying to ensure that credit unions aren't subject to an additional layer of examination.
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Both the bill passed by the House last year and the bill recently passed by the Senate Banking Committee would only give the new consumer financial protection regulatory agency the power to examine credit unions with assets of more than $10 billion. All credit unions would have to comply with agency-produced rules but the enforcement for most credit unions would be done by the NCUA.
Lobbyists for CUNA and NAFCU also plan to talk to staff members of the Senate Banking Committee and key lawmakers about changes they would like to see in the legislation as it moves through the legislative process. The full Senate could consider the measure later this month or in May.
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