February 2, 2012
Credit unions are poised to charge Capitol Hill by the busload to advance their member business lending bills (H.R. 1418/S. 509). Your action is urgently needed to help prevent these bills from moving forward . Please sign an online petition today so your voice opposing their unwarranted power grab is heard in Washington D.C.
Credit unions are primed for a full scale campaign to expand their small business lending by 1) raising the cap on member business loans from 12.25% to 27.5% of assets; 2) increasing the size of loans exempt from the cap; 3) excluding any loan made in an underserved area; and 4) repeal certain lending restrictions on undercapitalized credit unions, thereby raising safety and soundness concerns. CBAI has consistently held the position that tax subsidized credit unions should meet the basic statutory mission that Congress spelled out for them by serving individuals of modest means and with a common bond.
H.R. 1418 and S. 509 currently have 114 bipartisan co-sponsors in the House and 22 bipartisan co-sponsors in the Senate. Seventeen members of the Illinois delegation have not co-sponsored this legislation. The 4 House members that have cosponsored are Congressmen Rush (D-1st), Jackson (D-2nd), Lipinski (D-3rd), and Congresswoman Schakowsky (D-9th).
Please click here to sign the online petition. Please also encourage your employees, Directors, customers, and even family members to join in supporting taxpaying Illinois community banks.
Here is the link to the petition if you would like cut/paste and send the link to others - http://www.icba.org/MBLPetition/index.cfm
It takes under a minute to complete and send the petition. Please sign it today.