CUNA Asks CUs to Ramp Up Activism on MBL (Misc News: October 3, 2011)
With a hearing before a U.S. House subcommittee set for Tuesday on a bill to increase the cap on member business lending, CUNA is stepping up efforts to spur grassroots activism to support the bill.
The hearing will be before the House Subcommittee on Financial Institutions and Consumer Credit, chaired by Rep. Shelley Moore Capito, R-W.Va.
“The bankers have launched several action alerts in opposition to our MBL bills,” CUNA said in an email to leagues. “In advance of that hearing, we urge you to ask your advocates to encourage their representatives and senators to support the MBL bills.”
The email also said that banks have stepped up their activism on the issue ahead of the hearing.
Click here to visit the MCUL’s Grassroots Action Center, where you can send letters to your senators and representatives asking them to support the MBL legislation or thanking them for their support.
H.R. 1418, which was introduced by Rep. Ed Royce, R-Calif., has a total of 80 co-sponsors, according to www.govtrack.us. Similar Senate legislation (S. 509) has also been introduced by Mark Udall, D-Colo. That bill has 20 cosponsors.
Seven Michigan representatives are among the co-sponsors. The congressmen are Republicans Fred Upton, Thaddeus McCotter and Candice Miller and Democrats Gary Peters, Dale Kildee, John Conyers and Hansen Clarke. Michigan Democratic Sen. Debbie Stabenow and Carl Levin are also co-sponsors of the legislation in the Senate.
Michigan has two members of the House subcommittee that has scheduled the hearing on the bill: McCotter and Republican Bill Huizenga. Huizenga has not taken a position on the bill.
Currently, credit unions are limited to loaning 12.25 percent of assets for business loans. CUNA is supporting a proposal by the NCUA and U.S. Treasury Department to increase the limit to 27.5 percent. CUNA estimates that the change would inject $13 billion into the economy, leading to the creation of 140,000 jobs.
CUNA has suggested that MBL cap lift bills should be added to the Obama administration's larger plan to reinvigorate the ailing economy.