Credit Union Members Swarm Capitol Hill by the Thousands
Community Bankers Must Push Back—Contact Congress Today
The credit union industry’s relentless campaign to expand its member-business-lending authority is peaking this week in Washington. Nearly 5,000 credit union members have swarmed Capitol Hill to get legislation passed that would more than double their business-lending cap from 12.25 percent to 27.5 percent of total assets. ICBA strongly opposed this unwarranted power grab by tax-exempt credit unions.
Community bankers nationwide need to respond now by telling their members of Congress to oppose this unfair power grab.
This ill-conceived initiative has direct implications on the nation’s community banks. The Small Business Lending Enhancement Act (S. 509/H.R. 1418) would create unnecessary risk in the financial system, exacerbate the competitive advantage that tax-exempt credit unions already enjoy over community banks and widen government budget deficits.
The threat of this unnecessary legislation advancing in Congress is very real. Contact Congress NOW to counter the credit union push.
CONTACT CONGRESS NOW!