Newsroom

FOR IMMEDIATE RELEASE

Washington (Jan. 10, 2017) - National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today praised Reps. Ed Royce, R-Calif., Jared Huffman, D-Calif., Don Young, R-Alaska, and Peter DeFazio, D-Ore., for their bipartisan leadership in seeking credit union relief by reintroducing NAFCU-backed legislation, the "Credit Union Residential Loan Parity Act," which would exempt certain residential loans from credit unions' federal statutory cap on member business lending.

"NAFCU and our members thank Reps. Ed Royce, Jared Huffman, Don Young, and Peter DeFazio for their backing ofcredit unions' member business lending efforts," said Berger. "We strongly urge other members of Congress to support and cosponsor the bill, which would provide credit unions with more flexibility within their lending cap and help them better serve small business owners critical capital needs."

H.R. 389,the "Credit Union Residential Loan Parity Act," would remove loans to purchase non-owner-occupied, one- to four-unit dwellings from the calculation of credit union MBLs, which are capped by statute at 12.25 percent of assets.

NAFCU has long held that removing or modifying the credit union MBL cap would help provide economic stimulus by allowing small businesses more access to credit without costing taxpayers a dime.

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCU on Twitter.

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Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org