Washington - National Association of Federal Credit Unions (NAFCU) Executive Vice President of Government Affairs Dan Berger today issued the following statement in response to the failure in the Senate of the proposed Transaction Account Guarantee (TAG) program extension.
"NAFCU thanks the Senate for stopping this TAG bill in its tracks. As we see it, the only way this legislation made sense was if it were coupled with legislation to raise the member business lending cap on credit unions and to include coverage on Interest on Lawyer’s Trust Accounts (IOLTAs) for credit unions.
“Credit unions are eager to help our nation’s small businesses create jobs. And job creation should be job one with Congress. The American people deserve it. Lifting the member business lending cap could spur more than $13 billion in new lending and create more than 140,000 new jobs in the first year alone – at no cost to taxpayers.”
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.