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Two Action Alerts issued for Public Deposits and Senate MBL bill

Action Alert for credit unions on Public Deposits

The Florida Legislative session begins Tuesday, Mar. 8 and two bills are being introduced by the LSCU, one introduced in the house and one expected to be filed in the senate, that would allow credit unions to accept public deposits. As the law reads right now, credit unions are precluded from accepting these types of deposits. H.B. 999 has been referred to only two committees, the House Insurance and Banking Subcommittee and the House Economic Affairs Committee, which traditionally means leadership does not want to slow the bill down.

The League is asking credit unions to take part in an action alert and let the House Insurance and Banking Committee Chairman Bryan Nelson (R-Apopka) know that H.B. 999 is an important bill for credit unions. The best way to get in touch with Chairman Nelson is to call his office at 850.488.2023. Once you call, please refer to the fact that this bill will give depository choice, municipalities will most likely save money with a credit union and they will be investing the money into their communities. To read the entire action alert, which includes more on what to tell Chairman Nelson, click here. The action alert is also posted on the LSCU Political Action Alert page.

An action alert will be called for once the senate companion bill is introduced. If you have any questions, contact LSCU Director of Legislative Affairs Jared Ross at 866.231.0545 ext. 1012.

Action Alert for MBL bill

As we have seen over the past few years, small businesses are finding it increasingly difficult to obtain credit from other financial institutions, credit unions with important experience in business lending are approaching their capacity to lend. Credit unions need congressional action in order to lift the member business lending (MBL) cap and win an important victory for all credit unions. Sen. Mark Udall (D-CO) this week introduced the Small Business Lending Enhancement Act, S.509, that would raise the credit union MBL cap from 12.25 percent of assets to 27.5 percent. Sen. Bill Nelson (D-FL) is one of 13 senators to co-sponsor right out of the gate.

The League is issuing an Action Alert so credit unions will urge their senators today to cosponsor S.509. Florida credit unions are also asked to thank Sen. Nelson for his support. Please contact Sens. Richard Shelby (R-AL), Jeff Sessions (R-AL) and Marco Rubio (R-FL) asking that they co-sponsor the bill. Prewritten letters are available for your use at the Credit Union Grassroots Action Center,, where you can quickly personalize and send messages to the appropriate senators based on the address you enter and each senator’s cosponsorship status. In addition, sample letters are available to thank Sen. Nelson.

If you prefer to call or fax a letter to your senators, please use the contact information in the Action Alert. If you do not utilize CapWiz, please be sure to send a copy of your letter to LSCU SVP, Governmental Affairs Will McCarty.

The time is right for credit unions to urge Congress to lift the cap. MBL reform could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs. You can always find all of the LSCU Action Alerts in the Political Action Alerts page of the LSCU website.

If you have questions about contacting your senators or about the bill, contact Will McCarty at 866.231.0545 ext. 2137.