WASHINGTON—NAFCU lauded House leadership, including House Financial Services Committee Ranking Member Maxine Waters (D-CA), for their support of HR 1188, the “Credit Union Small Business Jobs Creation Act.”
The measure that would increase credit unions’ ability to lend to their small-business members.
House Small Business Committee Chairman Steve Chabot (R-OH) and House Energy and Commerce Committee Chairman Fred Upton (R-MI), also signed their support for the bill Monday.
“NAFCU and our members thank Ranking Member Waters, Chairman Chabot and Chairman Upton for their support of credit unions and this important legislation,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “Their backing helps demonstrate the bipartisan support for removing barriers to credit unions' meeting the needs of their small-business members.”
HR 1188, introduced by Reps. Ed Royce (R-CA) and Gregory Meeks (D-NY), would raise the member-business lending cap to 27.5% of assets for eligible credit unions. S 2028, the Senate measure introduced by Sens. Rand Paul (R-KY), Sheldon Whitehouse (D-RI), and Jack Reed (D-RI), would do the same.
“Freeing up our nation’s credit unions to grow their local economies isn’t a partisan cause, and I thank Ranking Member Waters for her support of these proposals that are backed by both Democrats and Republicans,” Royce said in a statement. “Removing these arbitrary lending restrictions in this manner unlocks capital for small businesses looking to hire, expand, and invest, all the while ensuring the safety and soundness of the credit union system.”
The legislation currently has 90 cosponsors besides Royce and Meeks.
Waters also signed her support on Monday to HR 1422, the “Credit Union Residential Loan Parity Act,” introduced by Royce and Rep. Jared Huffman (D-CA), which would exempt loans for non-owner-occupied, one- to four-unit dwellings from credit unions’ MBL cap. Sen. Ron Wyden, (D-OR) introduced similar legislation in the Senate.
This bill currently has 18 cosponsors excluding Royce and Huffman.
Credit unions will have the opportunity to hear more about the progress of these bills and others directly from lawmakers themselves during NAFCU’s Congressional Caucus, Sept. 18-21 in Washington. Click here to register.