NWCUA Call to Action-Urge Your SenatorÂ toÂ Cosponsor the Small Business Lending Enhancement Act
February 1, 2011
March 10, 2011
Very Important **** (see below for importance rating key)
Deadline: Monday, March 14, 2011
We are excited to announce the introduction of the Small Business Lending Enhancement Act in the Senate. With this much anticipated bill, we hope to continue the momentum we built in the Senate last year and push it across the finish line. Please take a few minutes and send an email to your Senators, encouraging them to support this legislation. In the case of Senator Wyden, we are thanking him for his original co-sponsorship of this bill. Feel free to add your own personalized comments. For those of you who met with the Senators last week in Washington, D.C., you may want to include a personal note thanking them for taking the time to meet with us.
Issue: Member Business Lending
Background: Since 1998 credit unions have been subject to an arbitrary member business lending (MBL) cap of 12.25 percent of total assets. Legislation which would raise this cap was recently introduced by Senator Mark Udall (D-CO). The Small Business Lending Enhancement Act, S.509, would raise the cap to 27.5 percent of assets.
Credit Union Member Concerns: While small businesses are finding it increasingly difficult to obtain credit from other financial institutions, credit unions with important experience in business lending are approaching their capacity to lend. Credit unions need congressional action in order to lift the MBL cap and win an important victory for all credit unions. Your Senators have the opportunity to help small businesses and credit unions by cosponsoring S.509 and urging leadership to move this bill. The time is right for credit unions to urge Congress to lift the cap. MBL reform could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs.
Please send a message to your Senators TODAY urging them to cosponsor the Small Business Lending Enhancement Act, S.509, and thanking those who have cosponsored the bill.
For Oregon residents, prewritten letters are available for your use at http://capwiz.com/cuna/or/state/main/?state=OR, where you can quickly personalize and send messages to the appropriate Senators based on the address you enter and each Senator’s cosponsorship status.
For Washington residents, prewritten letters are available for your use at the Grassroots Action Center, where you can quickly personalize and send messages to our Senators.
Make sure your voice is counted! If you do not utilize CapWiz, please be sure to send a copy of your letter to Jennifer Wagner. You can call her with questions at 503.350.2224
***** Extremely Important, Read Immediately & Respond
**** Very Important
*** Important But Not Urgent
** Of Interest, Applies to All Credit Unions
* Of Interest, Does Not Apply to All Credit Unions