Congressmen King, Sherman Introduce Legislation to Strengthen America’s Credit Unions
Washington, D.C. – Yesterday, Congressman Brad Sherman, a senior member of the Financial Services Committee, joined Congressman Peter King (R-NY) in introducing legislation which aims to protect the safety and security of America’s credit unions.
The bipartisan Capital Access for Small Businesses and Jobs Act would repair a 1998 bill that discourages credit unions from continuing to grow to meet community demand and enhance their ability to react to economic conditions.
“This bipartisan legislation simply gets the government out of the way, allowing credit unions to expand consumer access to their affordable financial services while improving the overall safety and soundness of the credit union system,” said Sherman. “The bill makes a simple fix to current law to boost economic growth without spending a dime of taxpayer dollars or adding to the deficit.”
“Credit unions are a vital source of affordable financial services and provide access to capital to small businesses across the country,” said King. “This legislation ensures that credit unions can grow and continue to serve their communities.”
Credit unions, which currently serve nearly 110 million Americans, are not-for-profit and locally owned and managed by members. This Act would give those credit unions access to additional forms of capital to help them weather economic downturns.