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

CU Proponents Seek More Help from White House on MBL   (Misc News: May 7, 2012)

Credit union backers thanked the Obama administration for supporting member business lending legislation and urged it to do more to push enactment during a White House briefing last week.

Organized by the National Cooperative Business Association, the meeting was intended thank President Barack Obama for his support of MBL and to urge the administration to do everything it can to support the legislation now before the Senate, according to CUNA News Now.

Several credit union representatives were part of delegation of 150 co-op leaders at the White House meeting, which the National Cooperative Business Association organized to highlight this, the International Year of the Cooperatives and co-ops’ role in economic growth.

During one session hosted by U.S. Treasurer Rosie Rios, Mark Cummins, chairman of CUNA’s Cooperative Alliances Committee, said credit unions could do more to help small businesses and create jobs with passage of the Credit Union Small Business Jobs Act, S. 2231. “And it can be done at no taxpayer cost,” said Cummins, who is also president of the Minnesota Credit Union Network.

Senate Majority Leader Harry Reid, D-Nev., has promised to bring S. 2231 to the floor for a vote in this session.

During the meeting, White House Chief of Staff Jack Lew made an unscheduled appearance where he praised credit unions as "a pretty fundamental source of capital and banking services for many Americans"  but said co-ops have "a bit of a branding problem." Lew has been a credit union member but hadn't realized until the meeting that credit unions are co-ops.

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