Chuck Hagel: “Mr. President, I support credit unions and the cost-efficient service they provide to their members. Our amendment…”

“Mr. President, I support credit unions and the cost-efficient service they provide to their members. Our amendment, which we are offering today, is not designed to hurt credit unions. To the contrary, our amendment is designed to keep credit unions strong, secure, and focused on their special role of serving consumers. It does that by preventing the unchecked expansion of credit unions into commercial lending. Currently, there are no limitations on how much commercial lending in which a credit union may engage. Let me emphasize that our amendment does not prevent credit unions from making commercial loans.”