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| Wilmington Mayor Bill Saffo's letter to Corning CU CEO Gary Grinnell was cited in a hearing on H.R. 1418, The Small Business Lending Enhancement Act. |
The Subcommittee on Financial Institutions and Consumer Credit held a hearing on Wednesday to discuss HR 1418, The Small Business Lending Enhancement Act. Corning Credit Union President/CEO Gary Grinnell was among those who testified on the need for Congress to increase the member business lending cap for credit unions.
Grinnell, whose credit union is headquartered in California, but has a branch in Wilmington, North Carolina, shared a letter from Wilmington Mayor Bill Saffo in support of HR 1418 as part of his testimony. “Mayor Bill Saffo of Wilmington, North Carolina turned to us after he received numerous calls to his office from small business owners desperate to obtain financing,” Grinnell told the committee. Citing the frequency with which community and national banks were limiting access to credit to commercial borrowers, Grinnell shared, “the Mayor recognized that Corning Credit Union was one of the few financial institutions that bucked this trend.”
North Carolina has four members of the House of Representatives that serve on the subcommittee, Congressmen Jones, McHenry, Miller, and Watt. Four members of the North Carolina delegation have co-sponsored HR 1418, Congressman Coble, Jones and Kissell and Congresswoman Ellmers.
For full coverage on the hearing, please click here to view the CUNA News Now story.