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Four more cosponsors signed on Friday to H.R. 688, the "Credit Union Small Business Jobs Creation Act," NAFCU-sought legislation introduced last week to permit an increase in the member business loan cap to 27.5 percent of assets for eligible credit unions.

H.R. 688 was introduced Feb. 13 by Reps. Ed Royce, R-Calif., and Carolyn McCarthy, D-N.Y. with nearly three dozen cosponsors on board. Another four names – Reps. Paul Tonko, D-N.Y., Jackie Speier, D-Calif., Jared Polis, D-Colo., and Marcy Kaptur, D-Ohio – joined Friday.

NAFCU lobbyists are working to garner additional cosponsors for H.R. 688 as well as H.R. 719, the "Capital Access for Small Businesses and Jobs Act," introduced by Reps. Peter King, R-N.Y., and Brad Sherman, D-Calif.

H.R. 719 would allow credit unions to hold non-share forms of supplemental capital that do not alter the institutions' cooperative nature.

Both H.R. 688 and H.R. 719 would further key components of NAFCU's Five-Point Plan for Credit Union Regulatory Relief, unveiled Feb. 12.

Lawmakers are in home districts this week, and NAFCU is urging members to contact lawmakers for their support and cosponsorship of H.R. 688 and H.R. 719. To get started, visit our grassroots action center.

• NAFCU's Five-Point Plan for Credit Union Regulatory Relief
• Grassroots action center