Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Boost sluggish economy with MBL cap lift CUNA
WASHINGTON (7/11/11)--The Senate should be permitted to consider legislation to raise the cap on credit union business lending -- which would help create needed jobs in a fragile economy -- Credit Union National Association (CUNA) President/CEO Bill Cheney stated in a letter to Senate leaders. The Obama administration on Friday reported that overall payroll employment increased by 18,000 in June. The nationwide unemployment rate increased to 9.2% during the month. In the wake of this lackluster jobs report, Cheney told Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.), that America’s credit unions stand “very willing” to help businesses create jobs and hold significant capital that could be loaned to small businesses -- but for a statutory cap restricting credit union business lending. Lifting the credit union member business cap to 27.5% of total assets, as proposed in Sen. Mark Udall's (D-Colo.) S. 509, would inject an estimated $13 billion in funds into the economy, creating over 140,000 new jobs. Sen. Olympia Snowe (R-Maine) is the other original sponsor of the bill. Cheney added that the MBL cap lift legislation “has been endorsed by the Obama administration, has been subject to hearings in the Senate Banking Committee, and is the type of commonsense legislation that Senators on both sides of the aisle should be able to embrace: new jobs, new lending to small business, zero cost.” Bank opposition to the MBL cap lift, and their own lack of business lending activity in the wake of considerable government assistance, are unacceptable, Cheney added. Failing to enact S. 509 “literally leaves money on the table that could help small businesses hire those among the 9.2% of Americans actively seeking jobs,” Cheney said. “The time is now to set aside the banker objections, move the Udall-Snowe bill and let credit unions serve their members who own small businesses,” he added. For the full letter, use the resource link.


RSS





print
News Now LiveWire
62% worry about financial stability: @CUNAMutualGroup study http://t.co/5jCM1I1hnA
23 minutes ago
.@nytimes reports Sen. Harry Reid, Senate Democratic leader since 2005, will not seek re-election next year,
1 hour ago
Cornerstone CU Union Foundation says it's prepared to assist #CUs & their employees affected by severe storms in Arkansas and Oklahoma.
12 hours ago
In 2014,use of remote deposit capture experienced 13% increase to 51%. But checking a balance continued to B the most common mobile activity
12 hours ago
'Fixing Your Finances' part of @PCUA's #iBelong campaign http://t.co/7j6HO1njog @fox43 @Bellco_CU @Members1stFCU
15 hours ago