The Independent Community Bankers of America and the American Bankers Association has fired off a joint letter to all U.S. senators telling them a "silent majority" of credit unions oppose S. 2231, the Small Business Lending Enhancement Act, which would raise the credit union member business lending cap from 12.25% to 27.5% of assets.
The letter referenced an April 20, 2012 American Banker story that sourced Stuart Perlitsh, president/CEO of the $323 Glendale Area Schools Federal Credit Union in California, as going on record against the bill and introducing the idea of the so-called silent majority.
Although the banker lobbyists claim Perlitsh represents a majority, the article described him as "going rogue" with his opinion, "in a break with the rest of his industry." It also again called the credit union industry's effort to increase the lending cap a "power grab."
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