CUNA Rallies Support for MBL Legislation (Misc News: February 13, 2012)
CUNA is calling its most recent “Hike the Hill” event a success in the effort to draw attention to the push to raise the credit union member business lending cap.
On Feb. 8, 75 small business and credit union representatives from around the country convened on Capitol Hill to meet with their elected officials. This was yet another effort on behalf of CUNA to build upon the coalition of organizations supporting the push to raise the current MBL cap from 12.25 percent to 27.5 percent of assets.
In conjunction with the Hike, CUNA organized a Capitol Hill press conference with Reps. Ed Royce, R-Calif., and Carolyn McCarthy,D-N.Y., the two co-authors of the House MBL bill. The event drew prominent coverage in National Journal Daily and in American Banker, both closely read on Capitol Hill.
CUNA President & CEO Bill Cheney noted that MBL is not just a credit union issue, but an American issue. “Credit unions have the ability and resources to create jobs, with no taxpayer expense, yet the bankers continue to fight against supporting our small local businesses,” Cheney said.
The issue also drew attention from the mainstream financial press with an article on Forbes.com entitled “More Business Loans, No Tax Payer Subsidy.”
To date, eight members of Michigan’s congressional delegation have signed on as co-sponsors of the MBL legislation.