In the past two weeks, five members of Florida's Congressional delegation have seen the wisdom of raising the credit union member business lending cap. Rep. Bill Posey (R-FL) and Rep. Suzanne Kosmas (D-FL) are the latest to lend their names to
HR 3380, Promoting Lending to America's Small Businesses Act of 2009. They join a bi-partisan group that includes Rep. Corinne Brown (D-FL), Rep. Alan Grayson (D-FL), Rep. Gus Bilirakis (R-FL) and Rep. Kathy Castor (D-FL).
The bill, which is sponsored by Rep. Paul Kanjorski (D-PA) and Rep. Ed Royce (R-CA), currently has 99 members of the House as co-sponsors.
HR 3380 would lift the current credit union member business lending cap from 12.25 percent to 25 percent. CUNA estimates that as much as $10 billion dollars can be infused into the small business marketplace if the cap were raised. That could equate to as many as 108,000 new jobs created.
"The LSCU's number of co-sponsors for
HR 3380 continues to grow," said LSCU President/CEO Patrick La Pine. "This means our delegation clearly sees the best road to recovery will be through small business growth in Florida. Our delegation recognizes that credit unions can play a key part in this recovery, if the cap were raised."