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NAFCU thanks Rep. Gonzalez for MBL leadership, urges CUs to contact lawmakers
NAFCU Vice President of Legislative Affairs Brad Thaler met with Rep. Vicente Gonzalez, D-Texas, last week to thank him for his introduction of H.R. 4868, the Member Business Loan Expansion Act, and H.R. 4867, the Veterans Member Business Loan Act. The NAFCU-sought bills were introduced last week by Gonzalez and Rep. Brian Fitzpatrick, R-Pa.
The Member Business Loan Expansion Act would increase the MBL cap to $100,000, double the current cap. The bill would also grant the NCUA the authority to provide credit unions with relief from the 15-year general loan maturity limit under the Federal Credit Union Act. The Veterans Member Business Loan Act, which would exclude any loan made to a veteran from the MBL cap.
With Congress in recess for August, NAFCU is calling on credit unions to join the fight in support of those bills by urging their representatives to sign on as cosponsors.
“The best messenger with policymakers in Washington is the credit union who is out there every day trying to meet the needs of their members,” said Thaler.
Credit unions can use NAFCU’s Grassroots Action Center to call on their lawmakers to support these bills. With just a few clicks, credit unions can send a message directly to their members of Congress urging them to support these bills. Credit Unions can also come to Washington, D.C. in September to lobby lawmakers directly at NAFCU’s Congressional Caucus.
NAFCU will continue to support reforms to outdated MBL restrictions to allow credit unions to better serve their members. Explore the Grassroots Action Center and stay tuned to NAFCU Today for the latest from Washington.