President Obama signed the Jumpstart Our Business Startups (JOBS) Act on April 5. The new law includes language that helps the banks, including a provision that raised the Securities and Exchange Commission (SEC) registration threshold for banks. The Independent Community Bankers of America (ICBA) is touting this as a legislative win, which allows more banks to change their tax status to Subchapter S and reduces their regulatory requirements.
Credit union member business lending (MBL) language was kept out of the JOBS Act and banks are opposing credit union efforts to raise the member business lending cap.
S. 2231, the Credit Union Small Business Jobs bill, would raise the current cap from 12.25% to 27.5% of credit union assets. A vote is anticipated when Senators return from spring break after April 16.
Missouri credit union leaders, staff, board and members:
Tell Missouri’s U.S. Senators to support S. 2231, the Credit Union Small Business Jobs bill.
How to Contact Missouri's U.S. Senators:
In-Person Meeting Opportunities Next Week
There are several in-district meeting opportunities with Senators McCaskill and Blunt in Missouri the week of April 9. The Missouri Credit Union Association distributed these meeting opportunities via email on April 6. If you need more details on the scheduled events, or if you learn of a local event featuring either U.S. Senator, please alert Amy McLard as soon as possible in order to share this information with the rest of the credit union community.