Grassroots Advocacy
Stand Up to Harmful Credit Card Legislation
Congress needs to hear from members like you to ensure that credit remains accessible and prevent credit card routing changes that could leave a negative impact. Visit our Grassroots Action Center to send a letter to your member of Congress asking them to oppose the following proposal and legislation:
Proposed 10% Cap on Credit Card Interest Rates
Credit unions are committed to helping members afford and responsibly use credit, but a one-size-fits-all interest rate cap on credit cards would limit flexibility, reduce approval opportunities, and leave many families with fewer financial options during emergencies.
The Credit Card Competition Act was recently reintroduced in the Senate, with companion legislation being reintroduced in the House. The bills would impose new credit card routing mandates that primarily benefit large retailers while negatively impacting financial institutions, small businesses, and consumers. These changes could weaken data security, restrict access to credit, and ultimately drive up costs.
Help Expand Lending Options: Urge Congress to Support Credit Union Legislation
There are two important bills in Congress that aim to expand access to longer-term loans and small business financing through our credit unions.
Expanding Access to Lending Options Act (H.R. 4167)
H.R. 4167 would give the NCUA the flexibility to increase loan maturities from 15 years to 20 years (or longer if approved by the NCUA). By allowing longer-term loans, credit unions can offer more manageable monthly payments and greater access to financing for members seeking home, personal, or business loans.
Increasing Credit Union Lending for Business Growth Act (H.R. 1791)
H.R. 1791 would raise the threshold for small business loans exempt from the member business lending cap from $50,000 to $100,000. This change intends to give credit unions more flexibility to lend to small businesses, helping entrepreneurs grow, create jobs, and strengthen local communities without exceeding regulatory limits.
Congress needs to hear from members like you to ensure that credit unions remain a reliable, community-focused source of affordable credit. Visit our Grassroots Action Center to send a letter to your member of Congress asking them to cosponsor H.R. 4167 and H.R. 1791. Your voice can make a real difference in expanding responsible lending options for our communities!
Support Veteran Entrepreneurs: Urge Congress to Pass H.R. 507
New Jersey & Pennsylvania Credit Unions
House legislation, Veterans Members Business Loan Act (H.R. 507), seeks to empower veteran entrepreneurs by expanding business lending opportunities. The bill proposes exempting loans made to veteran-owned businesses from the 12.25% credit union member business lending cap.
With over 20% of transitioning veterans aspiring to start their own businesses, this legislation would provide critical support to their entrepreneurial goals. By allowing credit unions to offer more affordable financing, H.R. 507 would help veterans achieve business success and contribute to their communities.
The bill, sponsored by Representatives Brian Fitzpatrick (PA) and Vicente Gonzalez (TX), was reintroduced to the new session of Congress on January 16, 2024, and referred to the House Committee on Financial Services for further consideration.
Congress needs to hear how important this legislation is for credit unions and the veterans they serve. CrossState urges you to visit the our campaign in the Grassroots Action Center today to contact your member of Congress and ask them to co-sponsor H.R. 507.
Credit Union Advocacy Network (CUAN)
Political involvement throughout the credit union system is essential for the well-being and growth of credit unions. CrossState serves as the principal advocate for credit unions in New Jersey and Pennsylvania with state and federal lawmakers and regulators to protect and enhance the operations of both state and federally-chartered credit unions.
Mission:
The CUAN’s mission is to support CrossState’s advocacy efforts and the implementation of the credit union public policy agenda by increasing awareness and visibility of credit unions among policymakers and elected officials in Washington and in our state capitols, and by marshaling the grassroots strength of credit unions movement.
The CUAN provides credit union volunteers and professionals the opportunity to play an active role in ensuring an environment in which credit unions are able to successfully meet member needs in a changing and expanding financial services marketplace, and are able to engage opponents on an equal footing when competing for support among state and federal lawmakers.
Who Can Join?
Credit union volunteers and professionals willing to actively support the legislative and public policy agenda of New Jersey and Pennsylvania credit unions. To join CUAN, please fill out the form linked below!