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Prepare now! Big push to advance biz lending bill in November


Credit unions have a small window of time but plenty of potential to pass the Credit Union Small Business Jobs Bill (S.B. 2231/H.R. 1418) during the Lame Duck session of Congress – between Thanksgiving and Christmas. All credit unions should prepare an action plan now to maximize their grassroots activity during the movement's largest push yet to bring desperately needed credit to Wisconsin's small businesses.

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Madison Mayor Paul Soglin receives a plaque of appreciation from the Madison Area Chapter of Credit Unions. The plaque, presented by Summit CU President Kim Sponem, thanked him on behalf of the nation's credit unions for his hard work advocating for and successfully passing a resolution at the U.S. Conference of Mayors in support of the CU Small Business Jobs Bill.

 

The Credit Union Small Business Jobs Bill, which will raise credit unions' member business lending (MBL) cap from 12.25% to 27.5% of total assets, is expected to get a vote in the U.S. Senate—then quickly move to the U.S. House—before year's end. The measure will add $458 million in new credit and almost 5,000 new jobs in Wisconsin in the first year alone, at no cost to taxpayers.

 

Credit unions will have to compete with hundreds of other issues fighting for attention during the Lame Duck session. Consider these options as you prepare a plan to assure high levels of participation:

 

  • Hike the Hill in Washington, D.C. Mark your calendar for 5 p.m. Nov. 27 through the late afternoon of Nov. 28 for a nationwide fly-in. Wisconsin must have strong representation to share the real life benefits and need for this legislation. Credit union CEOs, directors, staff and small businesses who have received a credit union business loan, were turned down by banks when seeking a business loan or could not receive a business loan from their credit union because of the MBL cap are all encouraged to attend. Contact Patrick Lonergan at (608) 514-0081 to reserve lodging in D.C.

     

  • Make contacts through email, phone and social media. From Nov. 19-Dec. 21, regardless of whether you've made prior contacts, reach out to your legislators to urge support for the bill. Please:

 

  • Use some of the following ideas. From Nov. 19-Dec. 21, please:

 

Contact Tom Liebe at (608) 514-0082, Sarah Wainscott at (608) 514-0086 or Patrick Lonergan at (608) 514-0081 to ask questions or share your advocacy efforts.

©2005 Wisconsin Credit Union League. All rights reserved.
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