WASHINGTON (3/21/12)--Rep. Brad Sherman (D-Calif.) said he hopes to convince the U.S. Congress that broadening credit unions' access to capital beyond retained earnings, and increasing the limit on member business lending authority will work together to help all consumers.
Small businesses are desperate for capital, Rep. Brad Sherman (D-Calif.) emphasizes during his Tuesday speech at CUNA's GAC. He called capital the "blood supply" that businesses need to stay healthy. Sherman is a co-sponsor of legislation to increase the credit union member business lending cap. (CUNA Photo)
"Each needs the other to be effective, he said in a speech before the Credit Union National Association's Governmental Affairs Conference Tuesday. It's critical to provide capital, and let interested credit unions broaden business lending for members.
Small business is especially desperate for additional capital, he added, and allowing credit unions to play a larger role in this sector is critical. Sherman said capital was part of the blood supply that small business needed to remain healthy and competitive.
The congressman told the conference attendees that credit unions were the logical option for increased business lending services. You have one big advantage over banks, he added. Your customers actually like you.
Sherman said he hoped to continue serving credit unions in Congress, even though--for the first time in several years--he is facing a formidable challenge to his reelection because of a realignment of his congressional district.
But he said that so far he is ahead in the polls. I look forward to coming back and resuming his close ties with the credit union sector.