Tom Smith From TopLine Federal Credit Union Meets With Minnesota's Congressional Delegation in Washington, D.C.
(firmenpresse) - WASHINGTON, DC -- (Marketwire) -- 10/19/11 -- Tom Smith from TopLine Federal Credit Union traveled to Washington, D.C., September 20-22 to meet with elected officials and take part in the Minnesota Credit Union Network's Hike the Hill event. During this three-day trip Smith, TopLine's Senior Vice President of Lending and Chief Lending Officer, along with seven other credit union professionals and two Minnesota Credit Union Network staff members, discussed a variety of credit union issues with federal officials, including board members from the National Credit Union Association (NCUA) and eight congressman and two senators of Minnesota's Congressional Delegation.
The main focus of the group's trip was to discuss how federal officials can address the regulatory and legislative concerns of Minnesota credit unions. The group visited the NCUA and the offices of all of Minnesota's federal representatives. Smith, along with the other Minnesota credit union representatives on the trip, also met with Congressman Erik Paulsen (R-Minn) on September 21, 2011 to ask for support for the Small Business Lending Enhancement Act, which if passed would increase the member business lending cap for credit unions from 12.25% of assets to 27.5%. This act, at no cost to taxpayers, could add up to $13 billion in new loans to small businesses in the first year.
During the visits with federal officials, the group focused on proposed member business lending legislation, urging legislators to support the Small Business Lending Enhancement Act (H.R. 1418, S. 509), which could enable Minnesota credit unions to inject $181 million into the state's economy and create more than 2,000 jobs. Along with business loans, the group stressed that credit unions are also an important player in mortgage lending.
Conversations on Capitol Hill also centered on the need for supplemental capital and the burden that a proposed NCUA rule could place on credit union service organizations by requiring them to file financial statements and other documents with the NCUA. The NCUA has asked for comments from credit union leagues nationwide on this proposal.
"We had very productive conversations with U.S. Senator Al Franken (D-Minn), Congressmen Erik Paulsen (R-MN) and Keith Ellison (DFL-MN), and may others of the delegation. Their engagement and support of the financial services industry, specifically credit unions, given some of the recent regulatory burdens was prevalent," said TopLine's Smith. "We appreciate the opportunity to build a solid working relationship with our elected officials and look forward to their support on credit union issues in the future."
TopLine Federal Credit Union, a Twin Cities-based credit union, is Minnesota's 13th largest, with assets of more than $300 million. Established in 1935, TopLine offers a complete line of financial services from its five locations -- in Bloomington, Brooklyn Park, Maple Grove, Plymouth and in St. Paul's Como Park -- as well as by phone and online at . Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Carver, Dakota, Hennepin, Ramsey, Scott or Washington Counties and their immediate family members.
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Vicki Roscoe Erickson
Assistant Vice President, Marketing
TopLine Federal Credit Union
763.391.0872
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Datum: 19.10.2011 - 08:49 Uhr
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