March 1, 2013 – Three NAFCU-backed regulatory relief bills picked up new cosponsors this week, and NAFCU is urging members to step up their efforts to press lawmakers about passing the measures.
H.R. 688, the “Credit Union Small Business Jobs Creation Act,” which would raise the member business loan cap to 27.5 percent of assets for eligible credit unions, added three cosponsors – Reps. Richard Hanna, R-N.Y., Duncan Hunter, R-Calif., and Linda Sánchez, D-Calif. When the bill was introduced on Feb. 13 by Reps. Ed Royce, R-Calif., and Carolyn McCarthy, D-N.Y., it had nearly three dozen cosponsors attached. Another four names – Reps. Paul Tonko, D-N.Y., Jackie Speier, D-Calif., Jared Polis, D-Colo., and Marcy Kaptur, D-Ohio – joined last Friday.
NAFCU is also seeing support build for H.R. 719, the “Capital Access for Small Businesses and Jobs Act,” and H.R. 749, the “Eliminate Privacy Notice Confusion Act.” H.R. 719, which would allow credit unions to hold non-share forms of supplemental capital that do not alter the institutions’ cooperative nature, added Rep. Jeff Miller, R-Fla., to its cosponsor list this week.
H.R. 749, which would eliminate the requirement to mail privacy notices in years the institution’s policies are not changed, added five names – Reps. Chellie Pingree, D-Maine, Robert Hurt, R-Va., Don Young, R-Alaska, Dave Loebsack, D-Iowa, and Erik Paulsen, R-Minn.
All three bills would further the goals of NAFCU’s five-point plan for regulatory relief. The plan seeks enhanced administrative powers for NCUA, capital reforms, structural improvements for credit unions, operational improvements for credit unions and data security reforms.
NAFCU is urging members to contact lawmakers for their support and cosponsorship of H.R. 688, H.R. 719 and H.R. 749. To get started, visit the association’s grassroots action center.