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MCUL summit IPolitico advertorialI urge MBL support
LANSING, Mich. (4/14/10)--The Michigan Credit Union League (MCUL) placed an advertorial in Politico and hosted a summit aimed at promoting credit unions’ member business lending (MBL).
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To support the Credit Union National Association’s grassroots advocacy efforts and to send a message to lawmakers in Washington, MCUL said it is posting a one-time advertorial in today’s issue of Politico, appealing for their support of H.R. 3380 and S. 2919 to lift the 12.25% of total-assets cap on credit unions’ MBL. MCUL has partnered with the state in a Small Business Financing Alliance announced by Gov. Jennifer Granholm in her Feb. 3 State of the State Address. In Michigan last year, banks cut business loans by 68%, while credit unions increased their business lending by 18% to $838 million to meet the needs of small-business owners and entrepreneurs and the jobs they create, MCUL said. “Michigan’s credit unions have stepped up to the plate to make small loans at a time when other institutions have cut back,” said MCUL President/CEO David Adams. “As other lenders have struggled to make credit available to consumers and businesses in Michigan or as banks have added new fees on credit cards and other products, credit unions have continued to offer consumer-friendly products and services and have continued to lend.
The discussion panel at the Michigan Credit Union League’s member business lending summit April 6 in Troy, Mich., featured Ken Ross, commissioner of the Office of Financial and Insurance Regulation; Terry McHugh, Commercial Alliance; Dutch Ducher, CenCorp Business Solutions; Dave Wible, Michigan Business Connection; and MCUL President/CEO David Adams. (Photo provided by the Michigan Credit Union League)
“Credit unions’ small-business loan growth and record membership growth particularly demonstrate that more and more people are turning to credit unions as their trusted financial institution of choice during tough economic times,” he added. Also, Michigan’s Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross and his senior Credit Union Division staff, credit unions and Michigan’s three-member business lending credit union service organizations engaged in dialogue on MBL issues during an April 6 summit in Troy, Mich. (Michigan Monitor April 12). The MCUL-hosted event covered the growing role credit unions are playing in commercial lending, including the Michigan Small Business Financing Alliance, and the risks and appropriate practices that go with it. About 40 participants attended. The summit featured a panel comprising Ken Ross, OFIR commissioner; Terry McHugh, Commercial Alliance; Dutch Ducher, CenCorp Business Solutions; Dave Wible, Michigan Business Connection; and MCUL President/CEO David Adams. Also attending were OFIR Deputy Commissioner Roger Little and Assistant Director John Kolhoff.
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