Money and the U.S. Capitol
A bipartisan effort is underway in Congress to enhance credit unions' capacity to support small businesses. Representatives Vicente Gonzalez (D-Texas) and Brian Fitzpatrick (R-Pa.) have introduced the Increasing Credit Union Lending for Business Growth Act (H.R. 1791), which proposes to amend the Federal Credit Union Act by raising the threshold for loans exempt from the member business lending cap from $50,000 to $100,000.
This adjustment aims to provide credit unions with greater flexibility to offer larger loans to small businesses without breaching the existing cap, thereby facilitating increased access to essential capital for entrepreneurs and local enterprises.
Congressman Gonzalez, drawing from his experience as a small business owner, emphasized the significance of this legislative move, stating, "This bipartisan bill not only supports our local entrepreneurs, but our local economies as well. Credit unions play a vital role in supporting our communities, and this bill allows them to better serve the small businesses who create jobs and drive growth in their towns."
Echoing this sentiment, Congressman Fitzpatrick remarked, "Small businesses and entrepreneurs are the backbone of America’s economy, from my home district of PA-1 to communities across the country. This bipartisan, commonsense bill strengthens the ability of credit unions to fuel local economic growth through expanded lending and development opportunities."
Advocacy groups have also expressed strong support for the bill. Carrie Hunt, chief advocacy officer for America's Credit Unions, noted, "Outdated business loan restrictions limit the credit unions’ ability to empower small business growth that revitalizes communities. America’s Credit Unions applauds Representatives Gonzalez and Fitzpatrick for recognizing that credit unions are partners in achieving the American Dream and putting forth this critical legislation to better serve their communities."
By modernizing the lending parameters, the proposed legislation seeks to bolster local economies by empowering credit unions to more effectively meet the financing needs of small businesses, thereby fostering job creation and economic development across communities nationwide.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
