Sherman talks supplemental capital at Caucus
Rep. Brad Sherman (Tripplaar photo)
Sept. 12, 2013 – Rep. Brad Sherman, D-Calif., a senior member of the House Financial Services Committee, made known his affection for credit unions as he reiterated his support for supplemental capital access for the financial institutions the final day of NAFCU’s Congressional Caucus.
“I will work with you to ensure America’s nonprofit, consumer-owned financial institutions can continue to have a role in our economy,” Sherman told credit union attendees. “I’ve served on the House Financial Services Committee since 1997, and I’ve always been a strong supporter of credit unions and supplemental capital for credit unions.”
This year, Sherman teamed up with Rep. Peter King, R-N.Y., in offering H.R. 719, the “Capital Access for Small Businesses and Jobs Act,” which addresses supplemental capital for credit unions. He is also a cosponsor of H.R. 688, the “Credit Union Small Business Jobs Creation Act,” which would raise the member business lending cap from 12.25 percent of assets to 27.5 percent.
Commenting on the MBL bill, Sherman said, “The future of this economy depends upon the ability of America’s small businesses to grow”; he said the banks aren’t providing what the economy needs. He went to highlight the fact that some financial institutions are being begged to make loans since the financial crisis, yet credit unions are punished for wanting to make more loans.
Sherman is also the chief Democratic cosponsor of H.R. 749, the “Eliminate Privacy Notice Confusion Act,” introduced earlier this year with Rep. Blaine Luetkemeyer, R-Mo. This bill cleared the House earlier this session. H.R. 749 would remove the requirement for credit unions to mail privacy notices yearly to members even when they don’t change their policies.
Sherman’s final advice to credit unions as they continue to seek regulatory relief from lawmakers: “Your members actually like you. Use that respect and appreciation you have from your members to show your members of Congress that they will be appreciated.”
NAFCU's Congressional Caucus