In a letter to Senate Majority Leader Harry Reid, Republican Leader Mitch McConnell, and copied to all members of the Senate, the American Bankers Association and Independent Community Bankers of America said current member business lending limits "are entirely appropriate given the significant risk and potential losses that would be borne by all credit unions, including the 70% that do no member business lending at all."
The letter sources three credit union executives who have written letters to their senators opposing S. 2231: Dennis Moriarty, manager of the $51 million Unity CU in Michigan, Dale Kerslake, president/CEO of the $256 million Cascade FCU in Washington state and Stuart Perlitsh, president/CEO of the $323 Glendale Area Schools FCU in California.
The measure awaits a vote by the full Senate.
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