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Raise the MBL cap says letter to Sun-Sentinel
MIRAMAR, Fla. (4/15/10)--There is another way to infuse capital into the marketplace without using taxpayer's money: raise the member business lending (MBL) cap and let credit unions make more business loans, says an opinion-editorial by a South Florida credit union CEO in the South Florida Sun-Sentinel.com. Rich Helber, CEO of Tropical Financial Center CU, based in Miramar, Fla., points out in Wednesday's article that credit unions are asking Congress to lift the statutory limit on small business lending to 25% from 12.25%. Helber noted that in 1998, the Federal Credit Union Act was amended to expand credit union powers. "The bankers successfully lobbied to impose the arbitrary 12.25% cap on credit union MBL. It seems ironic, given many banks are now not lending to consumers and small businesses," he wrote. He pointed out the additional $10 billion that would be available for MBLs and the 108,000 jobs that could be created by helping businesses grow by lifting the cap. He noted that MBL bill, HR 3380, has 99 co-sponsors in the House, including six from Florida. For the full opinion, use the link.
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