Please Call House Financial Services Committee Chairman Spencer Bachus About Member Business Lending
House Financial Services Committe Chairman Spencer Bachus (R - AL) signed on as co-sponsor of H.R. 1697, The Communities First Act by Representative Blaine Luetkemeyer (R - MO). The Communities First Act is a regulatory relief bill for community banks, and represents one of that industry's top legislative priorities.
While credit unions have not opposed the bill, we should all be very concerned that the Chairman of the House Financial Services Committee would be willing to lend his name as co-sponsor of a bill to help community banks without also co-sponsoring credit union legislation to enable our industry to better serve small businesses.
H.R. 1418, the Small Lending Enhancement Act, would increase the current limit on small business lending by credit unions from the current arbitrary cap of 12.25% of assets to 27.5% of assets. This reasonable increase would allow almost $180 million in new small business loans in Alabama, and over $13 billion nationally... All without cost to taxpayers!
Regardless of whether your credit union engages in small business lending, all credit unions should be concerned with banks continuing to get greater legislative authority and regulation while successfully opposing any improvements in the credit union laws. As the Chairman of the Committee, his co-sponsorship of the community bank bill, and not ours, puts us at a significant disadvantage in moving our bill forward. Simply put, credit unions cannot just accept this in silence.
Please call Chairman Bachus at (202) 225-4921, or fax his office at (202) 225-2082.
Tell him that credit unions need the ability to serve members and small businesses as much as community banks, and we shouldn't have to take a back seat to their agenda. Ask him to please co-sponsor H.R. 1418, just like he did the community bank bill.
Read "SBA Study: CUs Increasingly Important in Biz Lending"
Visit Credit Union National Association's (CUNA) Grassroots Action Center for More Information or Help in Contacting Your Representatives on Credit Union Issues
Read More Information on Credit Union Small Business Lending Coosa Pines Member Business Services