Credit unions have an opportunity to highlight the need for more small business lending during a Congressional hearing, following Missouri’s Hike the Hill in Washington, D.C. The U.S. House Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on the credit union member business lending (MBL) bill on October 12. Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9) is a member of the subcommittee.
Scheduled for October 12 at 2 p.m., the hearing will focus on H.R. 1418 – the Small Business Lending Enhancement Act. H.R. 1418 and the Senate bill, S. 509, would lift the MBL cap from the government-imposed 12.25% of assets restriction to 27.5%. Missouri U.S. Rep. Russ Carnahan (D-District 3) is a cosponsor of H.R. 1418. Currently, there are 81 cosponsors of the House bill, and 21 senators cosponsoring the Senate bill.
The hearing takes place just one week after Missouri’s Hike the Hill in Washington, D.C., October 4-6. More than a dozen Missouri credit union leaders’ are scheduled to meet with Missouri’s delegation, talk about small business lending needs and credit unions ability to help, and request support for the MBL bill.
Call to Action:
Through October 12, have your staff and board contact Missouri’s three members of the House Financial Services Committee and urge them to support member business lending. MCUA sent materials to Missouri credit unions that serving members in these districts on September 26, outlining the effort and talking points. For more information, e-mail Amy McLard.
Missouri Financial Services Committee members:
William “Lacy” Clay (D-District 1)
Emanuel Cleaver (D-District 5):
Blaine Luetkemeyer (R-District 9):
Send messages in support of MBL to any of Missouri’s federal lawmakers through CapWiz.