League Seeks Action Letters on MBL Legislation (Misc News: March 11, 2011)
The MCUL & Affiliates is calling on credit union leaders to speak out in support of legislation to raise the member business lending cap to 27.5 percent.
The league issued an action alert seeking comments on the Small Business Lending Enhancement Act, S.509, that was introduced earlier this week by Sen. Mark Udall, D-Colo. Both Michigan members of the Senate, Sen. Carl Levin and Sen. Debbie Stabenow, have signed on as co-sponsors of the legislation for the first time.
Since 1998 credit unions have been subject to an arbitrary member business lending (MBL) cap of 12.25 percent of total assets. Udall's proposal would raise the cap to 27.5 percent of assets.
The MCUL is asking credit union executives to visit CapWiz to send a message to Sens. Levin and Stabenow thanking them for their co-sponsorship. Click here to access the action alert.
Credit unions participating in the Action Alert, can personalize the prewritten letter in CapWiz. The alert is automatically set up to deliver the letters via e-mail. Credit union leaders are encouraged to invite others within the credit union community to file letters as well.
If you do not utilize CapWiz, please send MCUL Political Affairs Coordinator Jami Meyer a copy of your letter or fax it to (517) 482-3762 so that the league may accurately track the number of contacts made on this issue. If you have any questions or concerns, contact Meyer at Jami.Meyer@mcul.org.