WASHINGTON — Credit union lobbyists are working hard to see if they can attach different parts of the Credit Union Regulatory Improvements Act to whatever economic stimulus package that might be coming down the pike.
"We have been working with congressional leaders on how credit unions could be part of different strategies to keep the country working," explained Brad Thaler, NAFCU's director of legislative affairs. He admitted that the possibility that parts of CURIA could be added to the economic stimulus package might seem remote, but explained that budget-conscious legislators seemed particularly attracted to things they could do that would not carry any cost.
NAFCU's staff is not alone in the effort. CUNA lobbyists have also been busy and have drafted a letter to congressional leaders on both sides of the aisle to press the case for including the lifting of the member business lending cap in the economic stimulus. In its Jan. 23 letter, CUNA argued for both raising the member business lending cap from its current 12.25% of total assets to 20%, as well as increasing the minimum threshold for a qualifying member business loan from $50,000 to $100,000.
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"This proposal is targeted toward middle and lower income individuals," CUNA wrote. "In 2001, the Department of Treasury estimate that 45% of credit union member business loans went to households with incomes less than $50,000.
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