ABA Counters MBL Lobbying with Radio Ad (Misc News: March 19, 2012)
Just when it appeared credit unions are finally gaining traction in the debate over member business lending, the American Bankers Association is striking back, urging Congress not to approve legislation to expand MBL.
CU Journal reported that the American Bankers Association began airing a radio ad this week – as both the ABA and CUNA are having their annual governmental affairs meetings in Washington – urging senators to reject credit unions’ MBL bill.
The MBL issue has become hotter in Washington since Senate Majority Leader Harry Reid, D-Nev., said that MBL will get a Senate vote and that he will support it.
CUNA Senior Vice President Ryan Donovan said the association hopes Reid’s support helps push MBL over the top.
“We are going to continue to build on the support for the MBL bill in the Senate and in the House,” Donovan said. “Senator Reid’s commitment to hold a vote on the bill means there is now a decision for senators and representatives to make – do they support additional lending for America’s small businesses or do they want to leave this money and the jobs they would create on the table?”
The MBL bill, which has the support of the U.S. Treasury Department and the NCUA, would raise the credit union MBL from 12.25 percent to 27.5 percent. CUNA estimates that the measure could pump $13 billion into the economy and help create as many as 140,000 jobs in the first year.