News & Events
We need YOUR Help: Take Action with the Member Business Lending Bill!
December 04, 2012
AmeriCU is joining credit unions across the country in seeking passage of important legislation that will increase the availability of capital to small member businesses currently restricted by federal statute. Senator Mark Udall (D-Colo.), recently introduced bipartisan bill S. 2231 entitled The Small Business Lending Enhancement Act (identical to S. 509), which seeks to get the federal government out of the way of job creation and help improve small businesses' access to capital by increasing the cap on credit union small business lending from 12.25% to 27.5% of assets.
This bill, which is both co-sponsored and supported in New York by both Senator Charles Schumer and Senator Kirsten Gillibrand, is projected to create more than 100,000 jobs in the first year alone without costing taxpayers anything; however, banking special interest groups have prevented it from receiving the up-or-down vote it deserves. The bill is currently on the Senate’s calendar of general orders, which means that it can be brought to the floor for consideration at any time.
If the U.S. and local economies are to recover, businesses need better access to capital to fund expansion, hire workers, and invest in new equipment. The limitations imposed by the Credit Union Membership Access Act of 1998 stifle credit unions’ ability to service loans to small businesses and therefore must be increased.
Help take the shackles off small business lending at AmeriCU – and at credit unions throughout America. Join AmeriCU to convince Congress to enact our member business lending bill and to spread the word to others! Take action today – help with the cause!
Thank you for your support.