ST. PAUL, Minn. (11/7/11)--Highlighting the importance of offering small businesses greater access to credit, several Twin Cities credit unions and members of the Minnesota Credit Union Network (MnCUN) met Tuesday with Minnesota Secretary of State Mark Ritchie to discuss increased member business lending (MBL).
Minnesota Secretary of State Mark Ritchie (center) discussed member business lending Tuesday with Twin Cities credit union representatives and Minnesota Credit Union Network staff at Hiway FCU, St. Paul, Minn. (Photo provided by the Minnesota Credit Union Network)
The group discussed several credit union topics, but emphasized MBL and the Small Business Lending Enhancement Act, which would raise credit unions' cap on MBLs to 27.5% of assets from 12.25%. Ritchie has written letters to members of the congressional delegation asking for their support of the MBL legislation.
If the cap were increased, Minnesota credit unions could inject $181 million into the state's economy and help create nearly 2,000 jobs, MnCUN said.
"By working together with state officials such as Secretary Ritchie, we are able to garner more support for legislation affecting credit unions, like member business lending," said Mara Humphrey, MnCUN vice president-governmental affairs. "These meetings are an important piece in strengthening the relationships with key officials and advancing the credit union movement."
The group also discussed the 2012 International Year of Cooperatives and MnCUN's upcoming publicity efforts. Minnesota is the largest cooperative in the state, and plays a key role in promoting the benefits of cooperatives such as credit unions, MnCUN said.
The Credit Union National Association (CUNA) and credit unions are urging Congress to increase the MBL cap to open up more opportunity to offer MBLs, inject $13 billion in loans into the nation's economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.