WASHINGTON, DC (April 5, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today praised Sen. Ron Wyden, D-Ore., and cosponsors Lisa Murkowski, R-Alaska, Elizabeth Warren, D-Mass., and Ed Markey, D-Mass., for their leadership in seeking relief for credit unions by offering the NAFCU-backed “Credit Union Residential Loan Parity Act,” which would exempt certain residential loans from credit unions’ federal statutory cap on member business lending.
“We thank Senators Wyden, Murkowski, Warren and Markey for their leadership in offering this bill and strongly encourage other senators to join in supporting it,” said Berger. “If enacted, this measure would create added flexibility within this arbitrary cap so credit unions may better meet the capital needs of their member small businesses.”
The Senate bill, S.836, is similar to H.R. 389, introduced this January by Reps. Ed Royce, R-Calif., Jared Huffman, D-Calif., Don Young, R-Alaska, and Peter DeFazio, D-Ore.
NAFCU has long held that removing or modifying the credit union MBL cap would help provide economic stimulus by allowing small businesses more access to credit without costing taxpayers a dime.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
