CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Legislation would allow expanded service to small businesses
Policy & Issues

Legislation would allow expanded service to small businesses

March 16, 2022
Cap1

Congress has an opportunity to enable credit unions to increase their service to people in need of financial services through several pieces of CUNA-League supported legislation, CUNA wrote to a House committee Wednesday. CUNA’s letter was submitted for the record of the House Select Committee on Economic Disparity and Fairness in Growth’s hearing on supporting small businesses.

“Credit unions recognize that access to capital is critical to ensuring the survival of many of our nation’s most vulnerable small businesses,” the letter reads. “While credit unions are relatively small players in the depository arena (40% operate with 5 or fewer full-time-equivalent employees), we serve 130 million members – many in vulnerable communities that have been bearing an especially heavy burden throughout the pandemic. CUNA strongly supports [Member Business Loan Expansion Act] and believes it is a solid step forward in preserving America’s small businesses.”

The bills include:

  • The Expanding Financial Access for Underserved Communities Act (H.R. 7003), introduced by House Financial Services Chairwomen Maxine Waters, D-Calif., and Rep. Ed Perlmutter, D-Colo., which would allow federal credit unions to add underserved areas to their field of membership and exempt business loans made by credit unions in underserved areas from the credit union member business lending cap
  • The Member Business Loan Expansion Act (H.R. 5189), introduced by Reps. Vicente Gonzalez (D, Texas) and Brian Fitzpatrick, R-Pa., would allow NCUA to enable credit unions to make loans with maturity limits more than 15 years.

Credit Union Magazine: Summer 2023

Summer 2023

Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
Digital Edition •  Subscribe

Trending

  • Debt ceiling deal has credit union implications

  • One week to nominate a 2023 Credit Union Rock Star

  • CUNA to host free webinar on FedNow service strategy June 13

Tweets by CUNA_News

Polls

Do you think ChatGPT will become useful for credit unions?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us