WASHINGTON – NCUA Board Member Gigi Hyland on Monday said credit unions should be part of the ongoing debate on expanding jobs in America.
Hyland, speaking to 400 attendees at NAFCU’s annual Congressional Caucus, said credit unions are both employers and providers of critical capital to America’s small businesses, and as such, should be allowed to expand their ability to make small business loans through a rise in the cap on member business loans. “Credit unions, in my opinion, need to be part of the debate on how to create jobs and stir our nation’s economic recovery,” she said.
In fact, the nation’s 7,400 credit union employ almost 200,000 workers, both full-time and part-time, according to NCUA, and credit union-centric businesses, such as third-party vendors, employ tens of thousands more.
“Credit unions are multi-faceted and multi-relevant to this debate on the Hill. Credit unions are first and foremost financial service providers, serving consumers of different economic strata,” said Hyland.
The NCUA Board member warned credit union executives as they headed toward Capitol Hill to meet with lawmakers to be wary of the credit union tax exemption, especially as Congress digs deeper to find revenue-raising measures to help shrink the federal budget deficit. “Credit unions need to remain vigilant in demonstrating the value of the tax exemption to the members they serve, particularly as the [Congress] Super Committee examines all possible avenues to reduce the deficit.”
