Raising the cap on member business loans would do much to jumpstart the economy and
is a "viable way to enable credit unions to assist our nation's small businesses with their lending needs," NAFCU Executive Vice President Dan Berger wrote Senate leaders today.
Berger sent the letter as part of the association's efforts to encourage lawmakers to pass an amendment by Sen. Mark Udall (D-Colo.) to raise the cap on MBLs from 12.25% of assets to 27.5% of assets.
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In addition to extolling the virtues of raising the cap, he also took aim at the strong opposition to the amendment from the trade associations representing bankers.
"The level of hypocrisy being displayed by the banking industry in opposing this amendment is remarkable," Berger wrote. "In short, the suggestion made by the banking trades that raising the cap is somehow harmful to the taxpayer is simply absurd."
Udall's amendment would be added to a bill passed by the House and pending in the Senate that would create a $30 billion fund community banks could access to make additional business loans.
Senate Majority Leader Harry Reid (D-Nev.), a cosponsor of Udall's amendment, has said he would bring it up for a vote if supporters can demonstrate that it has the support of 60 senators from both parties.
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