WASHINGTON (12/08/09)—Backing up its National Hike the Hill effort with an “open letter” ad supporting increased member business lending (MBL), the Credit Union National Association (CUNA) today launched a campaign in Washington, D.C. publications with Capitol Hill readerships. CUNA is advocating that Congress include greater MBL
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authority for credit unions—up to 25% of assets--in legislation that could be passed during the closing legislative days of 2009. CUNA specifically favors adding in MBL language to an anticipated Obama administration job-stimulus bill. According to CUNA, 108,000 jobs could be added to the nation’s workplace if the current 12.25% of assets MBL cap were lifted. The ad, backed by the signatures of 15 small business and policyorganizations, says in part: We urge you to allow credit unions to expand lending to their business members.
* Credit unions continue to lend even when banks have cut back; * Credit unions play a vital role in providing capital to underserved communities and small businesses; and, * Credit Unions understand the special needs of their business members and can make loans that banks will not.
The ad appears in conjunction with CUNA’s and the leagues’ Dec. 8, 9 and 10 National Hike the Hill. With House votes scheduled this week on financial regulatory reforms, more than 600 credit union representatives will visit their legislators to urge greater MBL capacity, as well as to discuss the financial regulatory reform plan, overdraft protection legislation, and credit union opposition to government interference in interchange fees. CUNA also helped feature credit union business lending on The Hill’s
“CongressBlog” Monday. CUNA President/CEO Dan Mica blogged that Congress and the Obama administration this week have a ‘golden opportunity to do something for small business and jobs that will have a quick and significant impact: Support legislation that gives credit unions more capacity for making business loans to their members.” Mica noted that Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) have introduced H.R. 3380, the “Promoting Lending for America’s Small Business Act,” which, CUNA says, if enacted would generate up to $10 billion in business loans from credit unions in the first year, and create the 108,000 jobs in the process. The Hill
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