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iWSJi web page covers CUs pitch to Obama on MBLs
MADISON, Wis. (8/18/11)--An Iowa credit union CEO’s pitch to President Barack Obama for member business lending (MBL) relief during a rural economic forum received coverage on The Wall Street Journal’s website Wednesday. “Yesterday in Peosta, Iowa, as part of a White House forum on job creation in the state, President Obama met with Jeff Disterhoft, a credit union representative and CEO of The University of Iowa Community CU,” said the article, “Credit Unions Pitch Obama on Job Creation Plan” on the Journal’s website. “For almost two minutes, Disterhoft tried to enlist Obama's support for legislation that would raise the credit union business lending cap from the current 12.5% of assets to 25% of assets.” The article further explained that the MBL bill was filed in March, is under review by House and Senate committee, and faces “fierce” opposition from banks. Disterhoft’s advocacy efforts also received local media coverage in Iowa. (To see New Now’s coverage ue the link to Wednesday’s story.) The Iowa City Press-Citizen published an article on Tuesday describing the process of how Disterhoft was approached by the Iowa Credit Union League to attend the forum--“I jumped at it right away,” he said of the opportunity--through his meeting with the president. Disterhoft told the Press-Citizen his role was to ask the president to take a stand on legislation. He said it was rewarding to see “Democracy at its finest” as the president sought input from business leaders. The Wall Street Journal also noted statistics from the Credit Union National Association that increasing the member business lending cap to 27.5% of assets from 12.25% would inject $13 billion in loans into the economy and create 140,000 new jobs at no cost to the American tax payer.
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