Member Business Lending For Credit Unions
Bethpage supports HR 688 Credit Union Small Business Jobs Creation Act, which raises the credit union cap on small business lending.
This Bill was Sponsored by California’s Congressman Ed Royce and Lead Co-Sponsor is Long Island’s Congresswoman Carolyn McCarthy and we thank her. Congressmen Israel, Bishop and Meeks on Long Island are also co-sponsors of the bill. During the financial crisis, many credit unions like Bethpage were there for main street small business and now are in danger of hitting the lending cap. This means credit unions may have to start turning down perfectly good loans to meet a cap that was put in place many years ago and is out dated.
Now that banks have started to lend again to small businesses they want to limit competition and to do so oppose this bill. There is a similar Bill in the Senate S968 sponsored by Senator Mark Udall of Colorado and Co-Sponsored by New York’s Senators Charles Schumer and Kirsten Gillibrand and we thank them.