ARLINGTON, Va.—In advance of Tuesday’s House Ways and Means Committee hearing—Reaching America’s Potential: Delivering Growth and Opportunity for All Americans—NAFCU sent a letter to the committee’s leaders highlighting the benefits of credit unions to the economy and especially to small business.
"As you are aware, credit unions are a vital part of the financial services industry and provide their 101 million members financial opportunities they may not otherwise have access to,” wrote NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “Credit unions continued lending to consumers and small businesses when many other lenders pulled back during the recent financial downturn."
Hunt added that credit unions are committed to responding to the needs of their members.
“As such, they are often willing to extend the $100,000 business loan that larger lenders do not find profitable,” she stated. “These are the loans that allow small businesses to expand and drive growth in our overall economy."
Hunt also noted the results of a 2014 NAFCU-commissioned study that found credit unions create a cumulative benefit of more than $17 billion a year for the U.S. economy. Hunt urged committee members to continue to support the credit union industry.