Grassroots Action Needed for MBL Legislation in U.S. House (Misc News: July 7, 2011)
The MCUL is asking members to help push for passage of member business lending legislation now making its way through Congress.
In the spring, legislation was introduced to raise the cap on business loans from 12.25 percent to 27.5 percent. Both of Michigan Sens. Carl Levin and Debbie Stabenow signed on as co-sponsors soon after the bills were introduced in the House and Senate. In addition, five congressmen – Gary Peters, Dale Kildee, John Conyers, Hansen Clarke and Candice Miller - have signed as co-sponsors to the House version of the bill.
CUNA has estimated that MBL could provide up to $13 billion to small businesses in the first year and create more than 140,000 jobs, at a time when the economy continues to recover from the Great Recession and banks have tightened lending standards.
The MCUL has set up a CapWiz action alert on this issue so you can take action on this issue. Once you click on the alert and enter your zip code in the space provided, you will see one letter for your representative depending on their co-sponsorship status. Click here to take action on this important legislation. To access talking points and additional information on MBL legislation, including the MCUL's issue brief, please click here.