WASHINGTON (9/12/12)--Sen. Mark Udall (D-Colo.) and Rep. Ed Royce (R-Calif.) will join Credit Union National Association (CUNA) President/CEO Bill Cheney and other credit union member business lending (MBL) supporters at a 1:30 p.m. (ET) press event on the benefits an MBL cap increase could provide small businesses and the economy at large.
Cheney said CUNA organized today's forum "to highlight the urgency of passing MBL legislation before the year is out."
Credit unions will be able to watch the press event streamed live by going to www.thehill.com
. The event, which also will be open to congressional staff, is part of Washington political newspaper The Hill's
"Issue Forum" series.
During the event, John Arensmeyer of The Small Business Majority and Eli Lehrer of the R Street Institute will present a joint research report focusing on job growth, the role small business plays in the economy and the support that credit unions can offer to small business in the economy's recovery with expanded business lending authority.
Bills that would increase the MBL cap to 27.5% of assets, from 12.25%, have been introduced in the House and Senate. Members of both parties support the MBL cap increase bills, and H.R. 1418 has 140 cosponsors. S. 2231 has 21 cosponsors, and Senate leadership remains committed to a floor vote on the MBL legislation. Udall and Royce are sponsors of the bills in their respective chambers.
CUNA has estimated that an MBL cap increase would create 140,000 jobs and inject $13 billion in new funds into the economy during the first year after enactment. Both benefits would come at no cost to taxpayers.