West Community is notifying members through its website and asking them to contact three Congressmen for support of credit union member business lending (MBL). U.S. Representatives Todd Akin (R-District 2), Russ Carnahan (D-District 3) and William Lacy Clay (D-District 1) have signed on as cosponsors for H.R. 1418, the Small Business Lending Enhancement Act, which would increase the cap on credit union MBL from 12.25 percent to 27.5 percent of assets.
West Community has posted an article highlighting the lawmakers’ support, located off of a link from its main web page and available to their entire membership. It states, in part:
Without using any taxpayer money, MBL reform could generate more than 1,700 new jobs in Missouri in the first year alone – and 140,000 new jobs and $13 billion in new member business loans nationwide. By passing this important business lending legislation and lifting the cap, Congress can help small businesses at a time when they need it most – by filling the lending gap, helping businesses grow and creating jobs.
Please thank Congressmen Clay, Akin and Carnahan for supporting us – and encourage them to continue their work to pass this important legislation. You can find their contact information on their websites:
Congressman William “Lacy” Clay
Congressman Todd Akin
Congressman Russ Carnahan
“We want to publically thank those state legislators who, regardless of their party affiliation, honestly support credit unions and our efforts to increase the business lending cap,” says Gary Hinrichs, president/CEO of West Community Credit Union (O’Fallon). “We also encourage all of our members to show their appreciation for the congressmen’s efforts by visiting their websites and expressing thanks for their continued support of the credit union movement.”
The Missouri Credit Union Association encourages credit unions to notify members about the MBL bill and lawmakers’ stances on credit union issues of concern. For more information or assistance, contact Amy McLard or (314) 542-1370.