WASHINGTON (10/12/11)--The Credit Union National Association (CUNA) on Tuesday issued an action alert that urges credit union advocates to ask their U.S. House members to support legislation that would increase the credit union member business lending (MBL) cap. “The time is right to get the MBL cap raised for credit unions, and your advocacy efforts are needed more than ever,” the action alert says. The alert adds that “there are already 86 co-sponsors of this bipartisan legislation,” and says credit union advocates “need to assure members of the House of Representatives that there is broad support for this legislation.” CUNA estimates the MBL cap increase would inject $13 billion in new credit for small businesses into the ailing economy, adding 140,000 new jobs within the first year of enactment--all at no cost to the American taxpayer. H.R. 1418, which would raise the MBL cap to 27.5% of assets, will be the subject of a House Financial Services subcommittee on financial institutions and consumer credit hearing set for 2 p.m. (ET) today. Jeff York, pPresident/CEO of Coasthills FCU in Lompoc, Calif., will testify on behalf of CUNA. National Credit Union Administration (NCUA) Chairman Debbie Matz will also testify at the hearing. For the CUNA action alert, use the resource link.