Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Rep Meeks To CUNA GAC: I Will Fight For CUs
WASHINGTON (2/27/13)--House Financial Services Committee member Rep. Gregory Meeks (D-N.Y.) Tuesday said he "will fight to ensure that credit unions remain the cornerstone of Main Street America."

One way to do this, he told the crowd at the Credit Union National Association's 2013 Governmental Affairs Conference Tuesday, is to support member business lending (MBL) legislation.

Meeks, who is the ranking minority member on the committee's Financial Institutions and Consumer Credit Subcommittee, is a co-sponsor of H.R. 688. That bill would increase the credit union MBL cap to 27.5% of assets, from the current 12.25% of assets.

The bill, if enacted, would help credit unions lend an additional $14.5 billion to small businesses in just the first year after enactment. This money, which would be made available at no expense to taxpayers, would in turn help small businesses create more than 158,000 new jobs.

Meeks noted the positive impact that the MBL bill could have in communities across the country, and said the bill needs to be moved through Congress. "Seems like a no-brainer to me," he said.

Meeks called credit unions "the backbones of communities."

"When entrepreneurs have difficulty obtaining capital from other lending sources, they know where they can go and sustain themselves and get a loan and help businesses and help create jobs...they go to their credit union," he said.

Meeks noted that credit union lending remained strong in recent years, allowing countless businesses and consumers to remain afloat and have access to vital capital. And, he said, credit unions have been able to provide this critical support without the advantages many other institutions maintain.

CUNA's GAC runs through Thursday.


RSS print
News Now LiveWire
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
2 hours ago
The FHLBs of Des Moines and Seattle announce they have entered into an exclusivity arrangement regarding potential merger of the 2 entities.
3 hours ago
SunCorp and @AlloyaCorp have announced their intent to merge.
5 hours ago
.@TheNCUA bars former employee of Southwest Communities FCU,Melissa Rosing,from work at any federally insured FI. http://t.co/owtVnPxVZT
5 hours ago
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
8 hours ago