WASHINGTON—Ahead of the House Committee on Small Business’s hearing on access to capital, America’s Credit Unions urged passage of the Member Business Loan Expansion Act, which would prevent loans under $100,000 from counting toward the MBL cap and allow federal credit union maturities past 15 years.
The legislation, introduced by Reps. Vicente Gonzalez (D-TX) and Brian Fitzpatrick (R-PA) would lead to “increased loan availability, reduced burdens on borrowers, and it would make it easier for credit unions to make these loans,” according to a letter sent by the trade group.
In the letter ACU President and CEO Jim Nussle also asked for committee support of the Veterans Member Business Loan Act, which was also introduced by Gonzalez and would exempt loans made to veteran-owned businesses from the MBL cap.
‘Removing Barriers’
“This bill would improve veterans’ access to necessary capital by removing statutory barriers that hinder credit unions’ ability to meet the financial needs of our nation’s veterans,” wrote Nussle. “As a result of the close relationships credit unions maintain with their members, credit unions are often willing to assist members when other lenders refuse. Unfortunately, credit unions face a statutory MBL cap that hinders their ability to fully serve the needs of small businesses.”
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