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Michigan Credit Union League Home » Information Services » Publications » News Articles  

Bankersí Poll on MBL Reveals Surprising Support   (Misc News: April 24, 2012)

Despite a flurry of activity from the banking lobby in an effort to defeat the credit union member business lending bill, a new poll finds that many within the banking community have no problem with the legislation, and even support credit union efforts.

The weekly poll, which was conducted on American Banker’s website, posed the question, “Should credit unions be permitted to expand small business lending?” 45 percent of those who responded had no opposition to increased credit union business lending as long as appropriate safeguards were in place. What’s more, 28 percent of those who voted stated that they were in favor of the effort, choosing the response: “Yes, competition is healthy for lending as it is for other markets.” 

This comes as the banking lobby has stepped up its communications with Capitol Hill, bombarding senators with anti-credit union lending propaganda. A number of bankers are reportedly flying in to Washington this week to meet with lawmakers on the issue, and have taken out ads against the legislation in certain radio and TV markets.

CUNA President and CEO Bill Cheney said this is more evidence that S.2231 is common-sense legislation to help small businesses and create jobs.

"Credit unions will continue to advocate for this bill with no letup,” Cheney said. “After all, small businesses continue to need help finding credit – and more jobs are certainly needed in this economy."

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