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CU System
Texas newspaper editorial Raise CUs MBL cap
ODESSA, Texas (4/11/08)--Congress should pass HR 1537--the Credit Union Regulatory Improvements Act--and raise credit unions’ member business lending caps, according to an editorial in a Texas newspaper. The Odessa American (April 9) said that raising the cap for credit unions from 12.25% of total assets to 20% makes sense. “Common sense would say that caps on credit union business loans should not exist if banks are free of such restrictions,” the newspaper stated. “But raising the limit is the best option for the benefit of free enterprise at this point. “Raising the cap would, according to estimates, open up another $875 million in business lending just from the approximately 20% of Texas credit unions that offer business loans” the paper continued. “And the raised limit might encourage other credit unions to get into business lending.” The editorial concludes that it is time for Congress to relieve stifling regulations imposed on credit unions for the past 10 years, and encourage and reward business entrepreneurship, which it says has been a source of pride and accomplishment throughout the history of the U.S. This is the first time that the editorial board of the newspaper has published an editorial supporting credit unions that has not been an opinion/editorial piece from the Texas Credit Union League, said Winter Prosapio, league advocacy-communications director.
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