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| Calling for additional Regulatory Relief for CUs in advance of House vote |
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A vote on the Main Street Capital Access Act (H.R. 6955) is likely on the House floor today, and America’s Credit Unions wrote to House leadership in support of the bill but also pushing several additional credit union issues for future consideration. The bill contains regulatory relief provisions for both credit unions and community banks, but several provisions only “address concerns for banks while not tackling top issues for credit unions,” the letter reads.
Pro-credit union provisions in the bill provide important modernizations, relief, tailoring, and flexibilities for both banks and credit unions and have America’s Credit Unions’ support.
In addition, America’s Credit Unions encourages the House to also support and consider the following legislation:
• The Expanding Access to Lending Options Act (H.R. 4167) which would extend the statutory limit on credit union loan maturities;
• Minimizing Outdated Restrictions that Exclude (MORE) Opportunities for Homeownership Act (H.R. 7647), which would update the definition of “community financial institution” in the Federal Home Loan Bank Act to allow more credit union membership and provide parity with banks;
• Veterans Member Business Loan Act (H.R. 507) to exempt loans made to veteran-owned businesses from the statutory cap of 12.25% of a credit union’s assets; and
• Increasing Credit Union Lending for Business Growth Act (H.R. 1791), which would raise the minimum threshold for what counts as a member business loan to $100,000 (up from the current $50,000).
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