Newsroom

September 10, 2014

Chabot, Murphy speak on small-biz lending, housing

Reps. Steve Chabot, R-Ohio, and Patrick Murphy, D-Fla., spoke to NAFCU Congressional Caucus attendees about small businesses, government overreach, job growth and housing finance reform on Wednesday.

Murphy, a member on both the House Financial Services and House Small Business committees, discussed the tendency of government to overreach and encouraged credit unions to reach out to their lawmakers and tell them what they need.

He shared his thoughts with attendees on housing finance reform, noting that he thinks Fannie Mae and Freddie Mac should be downsized and the private sector should have a bigger role in the housing market. However, he said, there needs to be a government backstop in any reform.

Murphy also discussed his concerns regarding flood insurance and the work Congress has already done on the issue. He said more work needs to be done regarding consumers' second homes and commercial properties.

Chabot, a member of the House Judiciary, Small Business and Foreign Affairs committees, said job growth is still too slow. He underscored the importance of access to capital for small business owners and said he supports credit union access to the Small Business Administration's 7(a) loan program. He advocates creating a distinct SBA loan approval and repurchase program only for credit unions.