As sentiment on Capitol Hill grows for member business lending legislation, credit unions should continue to write letters to Congressional leadership. Currently 100 members of the House and 11 in the Senate are co-sponsoring legislation to raise the credit union member business lending cap from 12.25 percent to 25 percent. After successful Hill visits at the CUNA GAC last month, five Florida members of Congress lent their names to
HR 3380. However, credit unions are not the only financial institutions talking to Congress on this issue. This is why it’s important to continue to let your lawmakers know that small businesses depend on the cap being lifted. Any first-hand stories that can be relayed to the House Financial Services Committee and the Senate Banking Committee will hold great value. If the legislation grows into a bill, it will be important to let the White House know the impact of $10 billion into the marketplace.
CUNA already has resources available to make sending a letter easy.
Click here and then click on the CUNA Action Center to submit a letter. If you submit a letter outside of the CUNA Action Center, please let LSCU Vice President, Legislative Affairs/Staff Counsel Will McCarty or LSCU Vice President, Legislative Affairs Mark Landreth know. They will also forward your letters to CUNA. Please take a few minutes to keep the momentum going for MBL.
There are MBL resources available on the
Grassroots Advocacy page that can assist credit unions with their MBL outreach. The page has MBL talking points, MBL responses to commonly asked questions and research to how Congress feels about the legislation.