Bankers Battle Back on MBL Legislation (Misc News: March 30, 2012)
Bankers have stepped up their rhetoric in opposition to credit union member business legislation.
The American Bankers Association has launched a series of radio and newspaper ads in several states, calling on Congress to stop credit union expansion. CUNA has also obtained a copy of a brochure delivered to each office of the Senate by the bankers in which they once again make the false claim that business lending goes against credit unions' mission, and that the bill would only impact 29 credit unions nationwide.
CUNA Executive Vice President Susan Newton said the actions of the past few days indicate that the bankers' associations "clearly have stopping credit union member business lending as one of their top priorities right now, based on the resources they are putting into this issue." She reminded credit unions of the vital importance of actively combating the erroneous statements.
CUNA expects a vote after the Senate returns from recess on April 16. In the meantime, the national organization has asked credit unions to reach out to lawmakers to encourage them to support the legislation that would raise the cap on member business lending from 12.25 percent of assets to 27.5 percent.