November 27, 2012
With the 112th Congress winding down, credit union representatives are now on Capitol Hill aggressively pushing for legislation which would more than double the statutory cap on credit union business lending. ICBA and CBAI oppose all efforts to pass The Small Business Lending Enhancement Act (H.R. 1418 and S. 2231). This legislation would not expand small-business credit, would come at a high cost to taxpayers, and would harm taxpaying community banks.
In a recent joint letter to Congress, CBAI and 88 other banking trade associations expressed strong opposition to this legislation which has never been considered before the authorizing committee. The letter notes that any attempts to merge this permanent power grab with a temporary extension of the Transaction Account Guarantee (TAG) program or any other banking legislation will be strongly opposed by the banking industry. Read Letter.
In addition, a new study reveals that the credit union legislation is unnecessary and would be harmful to the economy and financial system. See ICBA Release.
CBAI is strongly urging Illinois community bankers to contact their Members of Congress today and voice opposition to this controversial legislation. Click Here to contact your Member of Congress.