Sen. Whitehouse Introduces Bill to Support RI Credit Unions and Boost Small Business Lending

Press Release

U.S. Senator Sheldon Whitehouse (D-RI) has joined forces with Senator Rand Paul (R-KY) to introduce the Small Business Lending Enhancement Act. This bipartisan legislation, which seeks to cut through red tape and encourage small business growth, would increase an arbitrary federal cap on credit union lending that has restricted lending to small businesses in recent years. The change is supported by the Credit Unions of Rhode Island, several of members of which met with Whitehouse this week in Washington to discuss the need for this change: Ellen Ford, President/CEO, People's Credit Union; Randall Sacilotto, VP, Business & Community Development, Navigant Credit Union; Robert Falso, EVP/CFO, Westerly Community Credit Union; Paul Gentile, President/CEO, Cooperative Credit Union Association (A photo from this meeting is attached).

"Credit unions serve our communities well, often by focusing on lending to local small businesses," said Whitehouse. "I'm pleased to join Senator Paul in introducing legislation to allow credit unions to expand their lending to help grow businesses and jobs."

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