Thank Senators for Introducing the Small Business Lending Enhancement Act

January 8, 2010

As I'm sure most of you are aware on December 22, S.2919 was submitted for consideration in the Senate. The bill is an effort to relieve CUs from the 12.25% cap on business lending. I have a list of the sponsors as well as a sample thank you letter below. I hope you can send them a quick note of thanks soon.

Tyler J. Disburg
CMBDC Regulatory Comment Chair
Montana 1st Credit Union
tylerd@mtfirst.com

> Regulatory & Legislative Resources for Council Members

Sample Thank You Letter:

Dear Senator [insert last name],

On behalf of my credit union, [insert credit union name/state], thank you for introducing S. _______, the Promoting Lending to America's Small Businesses Act. We appreciate your leadership on this very important issue.

Much like the rest of the economy, America's small businesses are suffering from a credit crunch.  Credit unions are ready and willing to help alleviate this.  While other lenders have been forced to pull back lines of credit, credit unions have continued to lend and they have the capacity to do more.  At my credit union [insert personal story].

As you know, credit unions are unnecessarily restricted from lending by an arbitrary statutory cap on business lending of 12.25% of a credit union's total assets.  There is no rational explanation for this cap and we appreciate you recognizing the need to lift it.

On behalf of credit unions across the country, thank you for introducing the Promoting Lending for America's Small Businesses Act.

Sincerely,

Sponsors:

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