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News Now

CU System
CUs get national media attention on MBL proposal
MADISON, Wis. (3/9/09)--Credit unions received national media attention Thursday from various news sources after Sen. Charles Schumer (D-N.Y.) announced that he intends to draft legislation that would lift credit unions’ member business lending caps. Articles published by Dow Jones, The Wall Street Journal and Reuters have noted Schumer’s plans for the legislation, citing Credit Union National Association (CUNA) statistics, and quoting CUNA President/CEO Dan Mica. Mica commented on credit unions’ willingness to help small businesses thrive in a tough economy if their member business lending (MBL) caps of 12.25% are lifted. “Credit unions want to help but many are chafing against the arbitrary cap that exists under current law,” Mica told the newspapers. Credit unions could lend up to $10 billion in the first year after MBL restrictions are rasied, he added. Schumer announced his intent to draft the legislation on Thursday, saying that the move would “help credit unions fill the gaping void in small-business lending during this credit crisis.” To read the articles, use the links.
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