WASHINGTON (4/30/15)--Credit unions stand ready to advance economic improvements for their members, CUNA President/CEO Jim Nussle told members of the U.S. House in a letter sent Wednesday.
The letter was sent for the record of a House Financial Services subcommittee on capital markets and government sponsored enterprises hearing dealing with legislative proposals to enhance capital formation and reduce regulatory burdens.
"Credit unions exist to promote thrift and provide access to credit to their members," Nussle wrote. "Ensuring our small businesses have access to the capital they need so they can meet customer demand and grow their businesses is a priority for credit unions; in fact, it is central to the mission Congress has given credit unions."
Nussle highlighted credit unions' role in the economy, "in good times and bad," demonstrating how credit unions increased lending during the financial crisis, all while banks pulled back their lending activities.
Nussle also outlined a number of ways reducing regulatory burden on credit unions can help increase capital formation in the letter. These include: