ST. PAUL, Minn. – Supporting the values of the credit union movement, newly-elected Congressman Rick Nolan (D-8th District) declared himself “a big believer of credit unions” last week during an introductory meeting with Minnesota credit union representatives. This intimate conversation coordinated by the Minnesota Credit Union Network (MnCUN) enabled credit union representatives to form the foundation for a positive working relationship with Rep.-elect Nolan.
Focusing on the issues facing the state’s credit unions, the group highlighted the movement’s advocacy efforts to pass member business lending and supplemental capital legislation. Credit union representatives shared stories of small businesses they’ve helped during the recession and highlighted how they would be able to help even more Minnesotans if the member business lending cap was raised. Raising the cap to 27.5 percent of assets would create nearly 2,000 jobs in Minnesota and make an additional $150 million available in loans to small businesses, the group told Rep.-elect Nolan. In addition, individuals emphasized the need for credit unions to have access to supplemental capital.
Throughout the meeting, Rep.-elect Nolan praised credit unions for their ideals and the role they play in their communities. He acknowledged how credit union operations differ from other financial institutions and applauded the state’s credit unions for their work with small businesses.
“I have always been a big believer of credit unions – of your mission and of your work on behalf of consumers,” Rep.-elect Nolan said.
Rep.-elect Nolan is no stranger to Minnesota politics, having served as a state representative from 1969-1972 and a U.S. Representative for Minnesota’s 6th District from 1975 to 1981. Outside of politics, he has experience as a small business owner and is known for his work in the community.
“We are honored to welcome Congressman-elect Nolan back to Congress,” said MnCUN Vice President – Governmental Affairs Mara Humphrey. “The congressman’s values closely align with the credit union mission. We are excited to have a friend like Representative-elect Nolan in office and look forward to working with him during the next Congressional session.”
The Minnesota Credit Union Network is an organization representing the state’s 134 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.