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Wis. league Economy would gain speed with MBL cap lift
PEWAUKEE, Wis. (8/3/11)--If Congress were to raise credit unions’ member business lending (MBL) cap, that would hasten the U.S economic recovery, the Wisconsin Credit Union League told Corporate Report Wisconsin magazine (August). Economic recovery--at least in business lending--could gain some speed if credit unions were allowed a larger share of the business loan market, Tom Liebe, league vice president of government affairs, told the publication. “The real losers today are Main Street businesses, not because credit unions can’t make the loans, but because Congress established that cap in 1990,” Liebe told the magazine. “Credit unions have money to lend, and our commercial lending has increased each of the last three years. But Wisconsin credit unions are turning small businesses away when they’d otherwise make the loan because of that arbitrary cap.” To read the article, use the link. 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.
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