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ACTION ALERT ISSUED: Contact House Financial Services Chairman Spencer Bachus

The Communities First Act, H.R. 1697, is a regulatory relief bill for community banks, and represents one of that industry’s top legislative priorities.

While credit unions have not opposed this bill, we should all be very concerned that the Chairman of the House Financial Services Committee would be willing to lend his name as a 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 Business Lending Enhancement Act, would increase the limit on small business lending by credit unions from the current cap of 12.25 percent of assets to 27.5 percent of assets. This reasonable increase would allow almost $180 million in new small business loans in Alabama, over $600 million in Florida, and over $13 billion nationally, all without any 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 and regulatory authority while successfully opposing any improvements in the credit union laws. As the Chairman of the Committee, Bachus' 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.

If you have any questions, or need more information, contact LSCU SVP, Governmental Affairs Will McCarty at 866.231.0545 ext. 2137.

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