WASHINGTON — Sens. Susan Collins and Olympia Snowe, (both R-Maine), have become the third and fourth co-sponsors of a measure that would provide comprehensive regulatory relief to credit unions.
Collins and Snowe are backing the Credit Union Regulatory Improvements Act (S. 2957), which is sponsored by Sen. Joseph Lieberman (I-Connecticut). Sen. Bernard Sanders (I-Vermont) is the other co-sponsor of the measure, which includes risk-based capital reform and raises the member business lending cap from 12.25% to 20%.
Collins called the legislation "an opportunity for credit unions to better serve the thousands of small business owners in Maine and the millions across the country, as well as provide affordable financial services to more low-income consumers."
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Snowe said that "increasing credit unions' ability to make member business loans will increase small firms' access to capital and help to stimulate local economies throughout Maine and the country."
CUNA President and CEO Dan Mica said that "on behalf of credit unions across the nation, our thanks to Sens. Snowe and Collins for their support of credit unions in co-sponsoring CURIA. And kudos to the Maine league and credit unions for working so effectively with their senators."
NAFCU Director of Legislative Affairs Brad Thaler said the decision by Collins and Snowe to sign on is "an important development that shows that credit unions have tripartisan support."
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