In a letter to President-Elect Donald Trump and Vice President-Elect Mike Pence, a coalition of conservative, libertarian, and free market groups urged them to preserve the new member business lending rule of the National Credit Union Administration (NCUA).
The groups stated that the final rule would deregulate business lending for credit unions. The rule would exclude business loans to non-members from aggregate member business loan cap of 12.25 percent of assets and reduce many burdensome paperwork requirements for credit unions.
The groups requested that President-Elect Trump and Vice President-Elect Pence to not rescind the rule.
In addition, the group urged the incoming Administration to support legislation that would further deregulate business lending at credit unions.
It is unfortunate that these groups have decided to side with government subsidized credit unions to the detriment of all other taxpaying financial institutions.
The signatories of the letter include Competitive Enterprise Institute, American Legislative Exchange Council (ALEC), Americans for Tax Reform, Campaign for Liberty, Center for Freedom and Prosperity, FreedomWorks, Frontiers of Freedom, Grassroot Hawaii Action, Inc., Independent Women's Voice, National Federation of Republican Assemblies, National Taxpayers Union, R Street Institute, Small Business & Entrepreneurship Council, and Taxpayers Protection Alliance.
Read the letter.
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Further proving the folly of lobbyists and interest groups and their deriterious impact on the American way.
ReplyDeleteIt's certainly a good idea to expand small business lending, where appropriate.
It's equally correct that big credit unions over $500 M in assets, as NCUA Board Member McWatters has said, are just like banks and should have the same regulations.
These same credit unions should also pay tax on federal income.
No brainer.