CUs Encouraged to Combat ABA Letter on MBL (Misc News: November 28, 2011)
Credit unions are being encouraged to contact their lawmakers to push back against a recent American Bankers Association publication which opposed legislation to raise the CU member business lending cap from its current 12.25 percent to 27.5 percent.
In that document, the ABA raises objections about the legislation, including claims that business lending goes against the CU mission and that it violates the tax status. CUNA President/CEO Bill Cheney calls these claims “baseless and factually incorrect,” and has sent letters to all congressional staffers overseeing financial services issues in an attempt to dispel the bankers’ arguments.
MCUL has also taken swift steps to show lawmakers it opposes the bankers’ claims, sending letters to all of Michigan’s congressional delegation, both the eight members who currently co-sponsor the MBL legislation as well as those who have not yet signed on.
All Michigan CUs are encouraged to use the letters as templates to contact their representatives on this issue, to show legislators that the CU community is united in the effort to help small businesses in their time of need. A sample letter to a co-sponsor of the bill is available by clicking here. You’ll find a sample letter for a representative who is not currently signed on as a sponsor here. Click here for MCUL’s CapWiz page where you’ll find contact information for members of Congress.
CUNA estimates that this legislation would allow credit unions to lend an additional $13 billion to small businesses in the next year, helping to create 140,000 new jobs, at no cost to taxpayers.