CU Insight

Jessica Lewis
703-842-2263
jlewis@nafcu.org

Washington – April 13, 2012 – The Senate gets back to work Monday, and NAFCU’s Fred Becker has another video out urging credit unions to keep working to get their lawmakers on board with S. 2231, the credit union member business lending cap-lift bill.

On Monday “and every day following, call your senators and urge them to pass S. 2231,” the NAFCU president and CEO said in the video, posted on YouTube this morning. “Tell them it’s time to use the opportunity to help their home towns grow their businesses and create jobs on Main Street,” he urges.

There has been a flurry of press reports over the past week quoting those for and against the bill. Last night, The Wall Street Journal ran its own “MarketWatch” report that quoted Becker and others point to the disincentive the current MBL cap creates for any credit union that doesn’t already have its own MBL program. It also quotes Gary Grinnell of Corning FCU (Corning, N.Y.) noting that his credit union, which does offer such lending, has filled a void created when banks ceased such lending during the financial downturn.

Becker’s comments on banking trades’ opposition to a cap lift appeared in an American Banker story Wednesday that focused on chances of the bill’s passage and how that may occur. More views for and against were reported by the paper late Thursday.

Dan Berger, NAFCU’s executive vice president of government affairs, says the press attention shows the vigor with which the banking industry is working to beat back S. 2231. “It’s more important than ever for credit unions to make their views known to lawmakers,” he said. “Keep the pressure on.”

To contact senators, dial the U.S. Capitol switchboard at 202-224-3121, or use our Take Action tools.

NAFCU is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. For more information, visit www.nafcu.org.