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All Missouri credit union leaders are urged to contact their members of Congress – in both the House and the Senate - to make sure lawmakers understand the consumer benefits of raising the credit union member business lending (MBL) cap from 12.25% to 27.5% of total assets.
Credit unions must fight against misinformation currently being spread by the American Bankers Association (ABA). An ABA publication distributed on Capitol Hill includes baseless and factually incorrect information. Even if your credit union does not offer member business loans, the Missouri Credit Union Association encourages communication to members of Congress on this issue. It is essential that credit unions, not the banking lobby, determine how best to serve their members.
This call to action also provides an important follow up to a November 16 hearing on the bankers’ bill, H.R. 1697 - the Communities First Act. At that hearing, credit union leaders urged lawmakers to take a balanced approached to regulatory relief to help both credit unions and banks and add provisions of H.R. 1418, the Small Business Lending Enhancement Act (which would lift the credit union member business lending cap to 27.5% of total assets) to the bankers’ bill for legislation that would “be embraced by all who serve businesses on Main Street.” The move is supported by U.S. Rep. Ed Royce (R-California), who is the main sponsor of H.R. 1418.
Visit the Grassroots Action Center to contact Missouri’s U.S. House and Senate members. The featured action item is for House members. Immediately below it is the notice for Senators. Participants will need to submit a letter for each.
Where Does the Missouri Delegation Stand?
Missouri cosponsors of the House MBL bill include U.S. Reps. Russ Carnahan (D-District 3); William “Lacy” Clay (D-District 1); and Todd Akin (R-District
2). Carnahan is cosponsoring both bills. There are four House members who are cosponsors of the banker bill, but are not cosponsors of credit unions’ MBL legislation. These include: U.S. Reps. Vicky Hartzler (R-District 4); Emanuel Cleaver (D-District 5); Sam Graves (R-District 6) and Blaine Luetkemeyer (R-District 9).
U.S. Sen. Roy Blunt (R) is a cosponsor of S. 1600, the Senate version of the community banker bill, but has not signed onto S. 509, the Senate version of the credit union member business lending bill. U.S. Sen. Claire McCaskill (D) has not signed onto either bill.
Those lawmakers who are cosponsors to the banker bills (H.R. 1697 and S. 1600) but not the credit union MBL bills (H.R. 1418 and S. 509) – including U.S. Sen. Blunt and U.S. Reps. Hartzler, Graves, Cleaver and Luetkemeyer - should be asked to also support the MBL bill for a balanced regulatory relief effort that benefits Main Street Missouri.