(WASHINGTON, D.C.) – Congressman Jamie Raskin (MD-08) today joined Representatives Deb Haaland (NM-01), Suzanne Bonamici (OR-01), and Don Young (AK-At Large) and 61 colleagues in calling on House leadership to remove restrictions on credit unions that prevent them from fully serving small businesses in their communities during the COVID-19 pandemic. Currently, a member business loan (MBL) cap restricts credit union business lending to12.25 percent of assets.
“Small businesses and communities around the country are suffering and need access to relief quickly,” the Members wrote. “As you continue your work to provide funding and resources to our small businesses, we encourage you to remove longstanding barriers that prevent credit unions from fully serving their communities… Increasing the cap, or removing it entirely, comes at no direct cost to the taxpayer and would allow local credit unions to effectively and efficiently unleash more capital to provide more loans to their small business members.”
The effort is supported by credit unions across the country.
“Representative Deb Haaland understands New Mexico, and the vital role it’s credit unions play in keeping small businesses going. Her willingness to step up and ask for an end to the artificial business loan restriction is a great demonstration of that understanding. Now, more than ever credit unions are uniquely positioned to help small businesses, and outdated regulations should not stand in the way. Credit unions are grateful for Deb’s leadership,” said Paul B. Stull President/CEO of the Credit Union Association of New Mexico
“This letter will ensure that credit unions can be there for small businesses looking to get back to work helping Main Street communities quickly recover from this unprecedented crisis,” said Jim Nussle, President/CEO of the Credit Union National Association. “We thank Reps. Bonamici, Haaland and Young for their leadership in this crucial bipartisan effort.”
“We thank Representatives Suzanne Bonamici, Deb Haaland, and Don Young for working with NAFCU and our members and leading the effort to increase the member business lending cap to allow credit unions to provide more assistance to small businesses and communities in need,” said Dan Berger, National Association of Federally-Insured Credit Unions President and CEO. “This strong showing of support from so many members of Congress is a testament to the need for additional help for small businesses that credit unions stand ready to provide if arbitrary and outdated limitations on their ability to do so are lifted.”
“Congresswoman Bonamici has been a leading voice for credit unions and the important role they play in providing capital to small businesses since her first day in office,” said Jennifer Wagner, EVP & Chief Advocacy Officer, Northwest Credit Union Association. “We appreciate her tireless efforts, especially amidst the current crisis, knowing the families and communities here in Oregon that will benefit from this change.”
The full text of the letter is available here.
In addition to Haaland, Bonamici, and Young, the letter was signed by Representatives Pete Aguilar, Nanette Diaz Barragán, Ami Bera, M.D., Earl Blumenauer, Anthony G. Brown, Julia Brownley, Ken Calvert, André Carson, Ed Case, Kathy Castor, Joaquin Castro, Judy Chu, David N. Cicilline, Gilbert R. Cisneros, Jr., Steve Cohen, Gerald E. Connolly, Paul Cook, J. Luis Correa, Angie Craig, Jason Crow, Henry Cuellar, Peter A. DeFazio, Rosa DeLauro, Anna G. Eshoo, Brian Fitzpatrick, Lizzie Fletcher, Bill Foster, Tulsi Gabbard, John Garamendi, Vicente Gonzalez, Jared Huffman, Sheila Jackson Lee, Marcy Kaptur, John B. Larson, Barbara Lee, Susie Lee, Andy Levin, Alan Lowenthal, Carolyn B. Maloney, Gregory F. Murphy, M.D., Stephanie Murphy, , Grace F. Napolitano, Joe Neguse, Eleanor Holmes Norton, Scott Peters, Katie Porter, Jamie Raskin, Tom Reed, Raul Ruiz, M.D., Linda T. Sanchez, Adam B. Schiff, Kurt Schrader, Brad Sherman, Darren Soto, Jackie Speier, Eric Swalwell, Bennie G. Thompson, Mike Thompson, Dina Titus, Rashida Tlaib, Frederica S. Wilson, and Rob Woodall.