Let CUs Propel Economy

Co-sponsor aims to push MBL bill through Congress.

March 21, 2012
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“If legislators want to help small businesses and get this economy moving, they don’t have to look any further than credit unions,” said Rep. Maxine Waters, D-Calif., at Tuesday morning’s general session. “Removing the cap on member business lending is necessary to help small entrepreneurs stimulate local economies, especially in low-income areas.

“I’m a proud co-sponsor of H.R. 1418 that would increase the cap on member business loans,” she continued. “With your help, I know we can get this bill through Congress. This is a bill that creates jobs and is good for the economy."

Waters says she often hear stories from people back home about how credit unions assist low-income communities and schools with financial literacy efforts.

“We know in Washington that you did not cause the financial crisis, you were not motivated to cut corners, and you never departed from your mission to make a quick buck.”

“Back in my district, Kinecta Federal Credit Union opened a branch in a neighborhood that needed financial services and quickly outgrew their location because it was meeting a need,” she said.

“As the senior member of the House Committee on Financial Services, and following Barney Frank’s retirement, I’m in position to become the chair of the House Financial Services Committee,” said Waters. “As such, you should know that credit unions will have the best friend they ever had on that committee.”

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