Removing Barriers Blog

CUNA Letter for House Financial Services Subcommittee Hearing on Business Development
Posted June 15, 2015 by CUNA Advocacy

CUNA sent a letter to the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises for the record of its hearing scheduled for tomorrow entitled, “Legislative Proposals to Modernize Business Development Companies and Expand Investment Opportunities.” In the letter CUNA expressed that lifting the member business lending cap as proposed in H.R. 1188, the Credit Union Small Business Jobs Creation Act, would expand access to capital for small businesses. Credit unions already do much to grow and develop their communities, but they could do more if they were given the ability to expand lending to small businesses. Credit unions’ purpose is to provide access to credit for provident purposes and legislation like H.R. 1188 would allow them to do even more of this relationship lending fulfilling their mission. We will continue to urge Congress to do more on this issue whenever the opportunity arises.