WASHINGTON (2/28/13)--Rep. Maxine Waters (D-Calif.) said the pro-consumer record of credit unions justifies proposed legislation to raise limits on member business loans (MBLs) and to improve capital
| Rep. Maxine Waters (D-Calif.) commends credit unions their performance during past scandals in other financial sectors that caused the recent recession. (CUNA photo)|
"I thank you for wanting to do this, and I'm going to help you," she said during a speech before the Credit Union National Association's Governmental Affairs Conference here. Waters is the ranking Democrat on the House Financial Services Committee.
Waters stressed during the GAC speech her long-time admiration of credit unions. "You are the ones that help provide the kind of products we can depend on," she said.
She noted the commendable performance of credit unions during past scandals in other financial sectors that caused the recent recession. Credit unions were not part of the "debacle," she said.
Waters said increasing the MBL cap would help all consumers, and promised to support future credit union legislative initiatives. "I am you, and you are me," she told the session.
Two key pieces of CUNA-supported legislation that would enhance the credit union charter were re-introduced in the House just about a week before CUNA's GAC. One bill would increase the MBL cap to 27.5% of assets, up from the current 12.25% limit. The other would broaden credit unions' access to secondary capital beyond retained capital.