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CUNA CEO Mica to testify today on MBL issue
WASHINGTON (5/18/10)--Credit Union National Association (CUNA) President/CEO Dan Mica later today will testify before the House Financial Services Committee during a hearing entitled "Initiatives to Promote Small Business Lending, Jobs and Economic Growth." Mica’s prepared remarks will focus on the Administration’s proposed Small Business Lending Fund Act and the State Small Business Credit Initiative, along with legislation that would increase the credit union member business lending cap. In his remarks, Mica said that “the need for legislation to address the credit crunch facing small businesses is indisputable,” and credit unions “are well aware of the demand for business loans.” The proposed Small Business Lending Fund would provide $30 billion in low-cost capital to small and mid-sized banks and incentives to increase lending. While credit unions would not participate in the fund to serve the financial needs of their members, “if the Federal government intends to invest $30 billion of taxpayer money in the nation’s community banks to spur lending,” then the Congress “should also increase the credit union member business lending cap, permitting credit unions to serve their business-owning members in greater capacity.” CUNA has long advocated for lifting the current 12.25% of assets cap on member business lending, estimating that doing such could result in $10 billion in new funding for small businesses. This new funding could create as many as 108,000 new jobs, CUNA has said. Further, these new jobs would be created at no cost to taxpayers, according to CUNA. “Credit unions are not asking for a bailout and they have not needed bailout money throughout the crisis. They have capital to lend, but the law limits their ability to do so,” Mica adds.
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