Bipartisan legislation introduced on Sept. 7 by U.S. Rep. Brian Fitzpatrick (R-PA) would increase access to loans for small businesses and prospective homeowners.
Rep. Fitzpatrick signed on as the original cosponsor of the Member Business Loan Expansion Act, H.R. 5189, with bill sponsor U.S. Rep. Vicente Gonzalez (D-TX), which would amend both the Federal Credit Union Act to provide more loan flexibility to credit unions for small businesses and the Federal Home Loan Bank Act to expand homeownership access through community financial institutions, according to the text of the bill.
“Small businesses in every community across our country continue to suffer from rippling effects of the COVID-19 pandemic. As they navigate through these uncertain economic times, having to establish relationships with new lenders only adds to their burdens,” Rep. Fitzpatrick said. “Our bipartisan legislation would ensure that our community credit unions have the maximum flexibility necessary to provide their small business members with the credit access and financial support they will need in the aftermath of the pandemic.”
The measure, which has garnered support from the Credit Union National Association and the National Association of Federally-Insured Credit Unions, has been referred for consideration to the U.S. House Financial Services Committee.
“This common-sense bill will enable credit unions to help their members with their business lending needs in a far more robust manner than currently allowed by law,” said Rep. Gonzalez. “Now, more than ever, we need to support our small businesses and entrepreneurs, who help create hundreds of thousands of jobs throughout the country.”