Ed Royce
ONTARIO, Calif.—Saying CU grassroots advocacy efforts have impacted legislation, Rep. Ed Royce (R-CA) is asking CU leaders to again muster support for raising the MBL cap.
Noting that the fight to boost the MBL cap is far from over, Royce recently sent a letter to CU leaders asking them to contact their members of Congress to request they co-sponsor H.R. 1188, the Credit Union Small Businesses Jobs Creation Act.
Royce, a CU advocate, began his message saying that he recognizes how his successes in Washington have often been supported by CU grassroots efforts.
“In 2013, I had the privilege of authoring the Credit Union Share Insurance Fund Parity Act, legislation that finally gives credit unions parity with banks in deposit insurance coverage for IOLTAs and other trust accounts. Thanks to your support – this bill was signed into law by the President last December. It feels nice to put some points on the board!” Royce wrote. “I wanted to send you a personal message thanking you for your tireless work to ensure your members have access to the financial services that will help them prosper. But our work is far from over.
“In 2015, we must renew our efforts on the MBL front. That’s why I’ve introduced H.R. 1188, the Credit Union Small Businesses Jobs Creation Act, to raise the MBL cap for qualified credit unions from 12.25% to 27.5%,” continued Royce. “A large amount of members of the House of Representatives ‘cosponsoring’ this legislation will keep issues related to the MBL cap for credit unions at the top of the Congressional agenda.”
Royce also asked for credit union support of H.R. 1422, The Credit Union Residential Loan Parity Act.
“We must be ever-vigilant in our efforts to enhance the credit union charter and defend credit unions’ tax-exempt status,” concluded Royce. “Rest assured, I will continue to champion your cause when it comes to these issues. I am also working to ease the unfair regulatory burden placed on you by the Dodd-Frank act, and letting you get back to what you do best – serving your members.”
With much effort by the California and Nevada Credit Union Leagues, most of the last congressional sessions’ co-sponsors have already added their names to the list supporting H.R. 1188, the leagues noted.
“The leagues continue to make this issue a priority and are actively engaged in this fight,” stated Diana Dykstra, president and CEO of the leagues.