WASHINGTON (3/10/15)--Rep. Ed Royce (R-Calif.) thanked credit union supporters for their "tireless work to ensure your members have access to the financial services they need" during a video address at CUNA's Governmental Affairs Conference Monday.
Royce, a senior member of the House Financial Services Committee, has introduced a number of credit union-friendly pieces of legislation, including the Credit Union Share Insurance Fund Parity Act. That bill, commonly referred to as the IOLTA bill and signed into law last year, directs the National Credit Union Administration to extend share insurance coverage to trust accounts opened and managed by credit union members.
"Thanks to your grassroots support, this bill was signed into law by the president in December," Royce said. "It feels nice to put some points on the board, but our work is far from over. As the new Congress begins, we have to renew our efforts on the member business lending (MBL) front."
Royce reintroduced the Credit Union Small Business Jobs Creation Act (H.R. 1188) last week, which would raise the cap on credit union member business lending to 27.5% of assets up from the current 12.25%, as long as certain conditions are met.
"I am also working to reclassify loans made for purchasing non-owner-occupied one- to four-unit buildings that currently contribute to your MBL totals," he said, adding credit unions must be "ever vigilant" in efforts to enhance the credit union charter and defend credit unions' tax status.
Royce closed his speech by imploring the credit union community to keep talking to legislators about credit union issues.