.thumbnail.jpg "2010 Leadership Division Panel Discussion and Networking Reception")
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IBAT Members Work to Stop Credit Union Encroachment
More than 12,000 community bankers have signed ICBA’s petition to oppose the expansion of small business lending authority of credit unions. Last week, credit union advocates descended on Capitol Hill, asking Congress to more than double their lending authority via the Small Business Lending and Enhancement Act of 2011 (H.R. 1418/S.509).
“The current business lending cap of 12.25% of assets was set in law by Congress to maintain a distinction between tax-exempt credit unions and taxpaying community banks. Any legislation to increase this cap would only harm and displace taxpaying community banks and the customers and communities they serve. Taxpaying community banks more than adequately satisfy all past, present, and future small business loan demand from qualified borrowers in their communities across the country,” the petition reads.
Although reaction to the petition has been significant thus far, IBAT and ICBA are continuing to urge all community bankers to take a few minutes to add their name. The credit union lobby is applying the full-court press on members of Congress and community bankers need to respond in kind.