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News Now

CU System
Missouri congressman begins in-district meetings
ST. LOUIS (8/5/11)--U.S. Rep. William Lacy Clay (D-Mo.) took part in the first of a series of in-district meetings with Missouri credit unions this summer.
U.S. Rep. William Lacy Clay (D-Mo.) took part in the first of a series of in-district meetings with Missouri credit unions this summer. Pictured, from left, are: Jennifer Wright, Arsenal CU, Arnold; Laura Alfeldt, First Community CU, Chesterfield; Charlie Waalkes Anheuser-Busch Employees’ CU, St. Louis; Lisa Farnen, Electro Savings CU, St. Louis; Steven Engelhardt, a Clay staff member; Mike O’Brien, St. Louis Community CU; Richard Dillard West Community CU, O’Fallon; and Amy McLard, Missouri Credit Union Association. (Photo provided by the Missouri Credit Union Association)
Clay, who remained in Washington, D.C., for the debt ceiling discussions and votes, met July 27 with seven credit union representatives via teleconference in his St. Louis County office, said the Missouri Credit Union Association (MCUA). Discussions centered on the Small Business Lending Enhancement Act (H.R. 1418 and S. 509), which would raise the member business lending (MBL) limit on credit unions to 27.5% of assets from 12.25%. Attendees also discussed supplemental capital, and the possibility for legislation to be introduced this session (The Missouri difference Aug. 2). Clay urged credit unions to share stories that demonstrate the impact they are having on small-business owners and the potential growth available if the artificial limit is lifted. “When small businesses are able to get access to the money they need to grow, we will be able to see businesses hire more workers and move the economy forward,” he said. People who took part in the meeting with Clay were:
* Laura Alfeldt, First Community CU, Chesterfield; * Richard Dillard, West Community CU, O’Fallon; * Lisa Farnen, Electro Savings CU, St. Louis; * Mike O’Brien, St. Louis Community CU; * Charlie Waalkes, Anheuser-Busch Employees’ CU, St. Louis; * Jennifer Wright, Arsenal CU, Arnold; and * Amy McLard, MCUA.
The Credit Union National Association (CUNA) and credit unions are pressing Congress to increase credit unions’ MBL cap to open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.


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