Credit Union Supporters Make Case for Supporting MBL expansion (Misc News: September 10, 2012)
Lawmakers will join CUNA and think tank experts to explain how raising cap will benefit small businesses
MBL Press Event
What: CUNA event to support congressional vote on MBL:
When: 1:30 p.m. on Wednesday
Where: Dirksen Senate Office Building, Room 50
Watch: Go to thehill.com and follow instructions
Credit unions will make a major push this week to bring member business lending to the forefront with an event featuring the sponsors of legislation in Congress that would raise the MBL cap.
The press event – which will focus on credit unions help small businesses create new jobs – will start at 1:30 p.m.
"This event has the potential to show our lawmakers the critical role this legislation stands to play in our nation’s economic turnaround, and I urge all credit union supporters to participate via the live-stream coverage,” MCUL & Affiliates CEO David Adams said.
In an email to the leagues, CUNA President and CEO Bill Cheney said that the event, featuring key MBL sponsors Sen. Mark Udall, D-Colo., and Rep. Ed Royce, R-Calif., MBL coalition partners, coincides with members of Congress returning to Washington this week. Washington political newspaper The Hill is presenting the MBL event as part of its “Issue Forum” series. Representatives of the newspaper will moderate presentations about the MBL legislation and what it could mean to small businesses in need of capital. Key cosponsors of the legislation, Sen. Susan Collins, R-Maine, and Rep. Carolyn McCarthy, D-N.Y., will also speak at the event.
As part of the program, two respected leaders of Washington think tanks will make a presentation. Rhett Buttle, of The Small Business Majority, and Eli Lehrer, of the R Street Institute will present a joint research report focusing on job growth, the role small business plays in the economy and the support that credit unions can offer to small business in the economy's recovery with expanded business lending authority. Credit union and small business representatives will also speak.
The event will be in room 50 of the Dirksen Senate Office Building. Leagues officials who are in Washington on Wednesday are invited to attend in person.
The event will be streamed live online, and will be available to the credit union community, members of Congress and their staff. To watch the event on Wednesday, go to thehill.com and follow the instructions.
"We believe this event will reinforce to Congress the urgency of enacting MBL legislation at a time when job creation continues to be a huge policy concern," said Cheney, pointing to last Friday's jobs report showing unemployment still above 8%.
"I urge credit unions to take advantage of the opportunity to view the event themselves via the live webcast," Cheney added. "The issues forum will drive home the point that credit unions have a long and successful track record of small business lending, but some of the credit unions that have been most successful are being forced to curb or stop lending because they are bumping up against the MBL cap. This type of forum is one way that CUNA, credit unions and our supporters in Washington can help draw attention to the boost an MBL cap increase could give the economy," he said.
Bills that would increase the MBL cap to 27.5% of assets, from 12.25%, have been introduced in the House and Senate. Members of both parties support the MBL cap increase bills, and H.R. 1418 has 140 cosponsors, including nine of 14 members of the Michigan delegation. S. 2231 has 21 cosponsors, including both Sens. Carl Levin and Debbie Stabenow, and Senate leadership remains committed to a floor vote on the MBL legislation.
CUNA has estimated that an MBL cap increase would create 140,000 jobs and inject $13 billion in new funds into the economy during the first year after enactment, at no cost to taxpayers.