MBL champion Royce touts CU personal touch
Rep. Ed Royce (Tripplaar photo)
Sept. 12, 2013 – Rep. Ed Royce, R-Calif., spoke at NAFCU’s Congressional Caucus Wednesday about the power of personal stories resulting from credit union lending and how they contrast with bankers’ attacks on the credit union tax exemption.
He mentioned, in particular, how a loan from the Los Angeles Firemen’s CU led to the start of the Fireman’s Brew, a company that produces three types of beer, as well as soda and a coffee brand only available to firehouses.
Royce, a member of the House Financial Services Committee panels that oversee financial institution issues and government-sponsored enterprises, is the chief sponsor of H.R. 688, the “Credit Union Small Business Jobs Creation Act.” This NAFCU-backed legislation would raise the credit union member business lending cap from 12.25 percent of assets to 27.5 percent.
During Wednesday's Caucus session, he quipped that the money bankers spend on newspaper ads attacking the credit union tax exemption would be better put to use in the form of small business loans. “While others are trying so hard to attack you, don’t muddy yourselves,” he encouraged. “You continue to talk about what it is that credit unions do for your community.”
He urged credit union representatives to work to add cosponsors to his legislation. Rep. Robert Pittenger, R-Texas, also in Wednesday’s Caucus general session, also expressed support for Royce’s MBL cap increase bill.
NAFCU Congressional Caucus