Congressman Rush Holt Visits League, Signs-On MBL Reform

Friday, June 10, 2011 11:23:00 AM

HIGHTSTOWN, N.J. - U.S. Congressman Rush Holt visited the NJCUL offices on Thursday, June 9th, and brought with him good news for New Jersey's credit unions.

NJCUL Board members and President/CEO Paul Gentile pose with Congressman Holt (fifth from left) during his recent visit to the League office.



Holt met with the League board in the first in a series of credit union roundtable discussions with state and federal lawmakers aimed at further deepening their understanding of credit unions, the unique role credit unions play in the financial services marketplace, and their public policy issues and concerns.

While a full range of issues was reviewed, two issues dominated the discussion: interchange and credit union member business lending (MBL) reform.

Congressman Holt (center) talks with the NJCUL Board.



During the previous Congress, Holt joined five of his fellow New Jersey delegation members as an MBL reform co-sponsor, and signed a "Dear Leadership" letter encouraging inclusion of MBL provisions in any jobs package.

During the meeting, Holt announced that he had already submitted the paperwork to become a co-sponsor of the current MBL reform bill (H.R. 1418).

While Holt voted for the Dodd-Frank financial regulatory reform conference report that included the Durbin interchange amendment, he was receptive to meeting participants' concerns that the small issuer "carve-out" may not work in practice, and that further legislation may be needed to ensure credit unions and their members are protected as intended.

There are more than 95,000 credit union members in Holt's district.

Before his election to Congress in 1998, Holt held positions as a physics professor, Congressional Science Fellow, and U.S. State Department arms control expert. He is a five-time Jeopardy game show winner, most recently beating Watson, IBM's Jeopardy computer system.

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