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News Now

CU System
Some Massachusetts CUs close to MBL cap cutoff
BOSTON (9/13/11)--Some Massachusetts credit unions about to hit their member business lending (MBL) caps are looking to pending federal legislation to raise the cap limit to allow them to lend more to small businesses. Digital FCU, Marlborough; Webster First FCU, Worcester; and Millbury (Mass.) FCU are all close to their caps (Worcester Business Journal Sept. 11). The Credit Union National Association (CUNA) and credit unions are pressing Congress to increase credit unions’ MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said. CUNA and credit unions also have urged President Barack Obama to include credit unions in the federal jobs bill he was expected to release last night. Credit unions don’t want to have to cut off funding to small businesses or turn businesses away just because of the low cap ceiling, Daniel Egan, president of the Massachusetts Credit Union League, told the Journal. One credit union said its lending staff calculates its loan-to-assets ratio every day to make certain it doesn’t exceed the cap. Several credit union leaders and industry executives testified in favor of the cap increase before the Senate Banking Committee this past summer.


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