Member Business Lending

(Click the photos above to view a video on these small businesses!)

We have received this update from our national association on credit union member business lending. Bottom line: The vote could come as soon as Wednesday night - but almost certainly in the next 48 hours. The time has come for you to fire up the phones and faxes and contact our Senators on this issue. THE TIME TO CALL IS NOW!

 

BACKGROUND:

As you may know, the Senate is currently debating H.R. 5297, the Small Business Lending Fund Act.  This legislation would, among other things, create at $30 billion fund to encourage community banks to lend to small businesses - using tax payer money. 

 

Senator Mark Udall has introduced an amendment to this bill to increase the credit union member business lending cap.  The language of the amendment is identical to the language that Treasury submitted to Congress earlier this year.  The Udall Amendment would increase the credit union member business lending cap to 27.5% of total assets if they meet certain criteria and are approved by the NCUA (the regulator for credit unions). 

 

The best part – there is NO taxpayer money needed to allow Texas credit unions to do more – we just need to get part of our lending powers restored.

 

Action Requested

We need a very strong and very fast response to encourage the Senate to approve the Udall member business loan amendment. 

We're asking you to take five minutes to do the following:

• CALL Washington: You can call the Senators in their Washington offices

                     o Kay Bailey Hutchison (202) 224-5922

                     o John Cornyn (202) 224-2934 

• FAX Washington: Using our national association (CUNA) Fax Direct service, send a fax (the letter is written, you just customize it with your information. Click here: http://capwiz.com/cuna/home/

Ask them to support of the Udall credit union member business lending amendment to H.R. 5297.

Here’s a sample script:

“Hello, my name is __________ and I’m calling to ask Senator __________   to co-sponsor the Udall Credit Union Business Loan Amendment to H.R. 5297, the Small Business Lending Fund Act.  The passage of this amendment would enable credit unions to help more small businesses get access to capital and create jobs, at no cost to taxpayers.  I am counting on the Senator’s support of the Udall amendment to H.R. 5297.”

 

Thank you for taking the time to make a difference!