News & Info for Northwest Credit Unions
From Northwest Credit Union Association

Blumenauer to Co-Sponsor Member Business Loan Legislation

Oregon Congressman Earl Blumenauer is now co-sponsoring legislation to raise the cap on member business loans, a move that stands to benefit the credit union movement and bolster the U.S. economy.

Oregon Rep. Earl Blumenauer, D-Ore. 3, is now co-sponsoring legislation to raise the cap on member business lending (MBL), a move the Northwest Credit Union Association (NWCUA) hails as one that could open the door to job growth. Blumenauer joins Reps. Kurt Schrader, D-Ore. 5, and Jaime Herrera Beutler, R-Wash. 3, in supporting the Small Business Lending Enhancement Act in the House. Oregon Democratic Sen. Ron Wyden signed on last spring as a co-sponsor of the Senate legislation introduced by Mark Udall, D-Colo.

“When elected officials recognize the important role of credit unions in the Northwest economy, the results are typically an endorsement for expanded powers, so we can do even more for our members,” said NWCUA CEO John Annaloro.

Raising the lending cap from 12.25 percent of assets to 27.5 percent would create nearly 10,000 jobs in the Northwest, the Association believes, and 140,000 nationally.

The pending bills, H.R. 1418 and S. 509, are also supported by the Credit Union National Association (CUNA), which has sponsored two high-profile print advertiesments running this week in political journals and in the Washington, D.C., edition of The Wall Street Journal. The ads feature credit union members and small-business owners who obtained their business loans from credit unions.

The timing of the campaign coincides with continued discussion on the Obama jobs bill and the credit union industry's fall “Hike the Hill” events.

 

Questions or Concerns? Contact Matt Halvorson, Anthem Editor: mhalvorson@nwcua.org.

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