Members of the so-called "silent majority" of credit unions that oppose S. 2231, the bill that would increase the member business lending cap for credit unions, spoke out as banking lobbyists pressed the issue to lawmakers.
The Independent Community Bankers of America and the American Bankers Association fired off a joint letter July 17 to all U.S. senators telling them a silent majority of credit unions oppose the Small Business Lending Enhancement Act, which would raise the credit union member business lending cap from 12.25% to 27.5% of assets.
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 Credit Union in Michigan, Dale Kerslake, president/CEO of the $256 million Cascade Federal Credit Union in Washington, and Stuart Perlitsh, president/CEO of the $323 million Glendale Area Schools Federal Credit Union.
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