Congresswoman Bonamici Helps Leads MBL Cap Relief Effort In Congress
April 15, 2020
Congresswoman Bonamici (D – OR 1) continues her stance as a strong advocate on behalf of credit unions and your ability to serve your member businesses. As many Oregonians will remember the Congresswoman’s first act after being sworn in back 2012 was to sign on to a then MBL cap relief bill. In a call with the Congresswoman last week Oregon credit union leaders continued to advocate for a number of priorities including our ability to do all we can right now for community businesses.
Today Congresswoman Suzanne Bonamici (D-Ore.) was joined by Representatives: Brad Sherman (D-Calif.), Don Young (R-Alaska), and Brian Fitzpatrick (R-Pa.) in a bipartisan bill to exempt all credit union member business loans made during the coronavirus disease (COVID-19) disaster from the member business lending cap for three years.
This bill was announced in a dear colleague letter which goes one to share that, “for over twenty years, credit unions have been subject to a federal member business lending cap, which currently limits a credit union’s loans to its member businesses at 12.25% of its assets. Given the urgent financial needs of so many small businesses because of the COVID-19 crisis, now is the time to provide credit unions with additional flexibility to serve their business members.”
We will advocate for the bill’s passage and potential inclusion in any larger COVID-19 legislation.
Posted in Advocacy on the Move.