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News Now

Washington
CUNA to Obama Help CUs help the economy
WASHINGTON (8/23/10)--Credit Union National Association (CUNA) President/CEO Bill Cheney last week urged President Barack Obama to include support for legislation that would lift the cap on credit union member business lending (MBL) as he continues to publicly back a Senate job creation bill. Obama’s support for the MBL legislation, which has met opposition from community bankers, “would provide a critical boost to the efforts in Congress to help credit unions facilitate the creation of jobs across the country,” Cheney said. In a speech delivered late last week, Obama asked members of Congress to put political games aside and work on creating new jobs. “Consistent with your goal to boost small businesses and the economy, we believe credit unions should be allowed to help create more jobs by making more member business loans, in the aggregate up to 27.5% of their assets,” Cheney said. “This move, championed by Senator Mark Udall (D-Colo.) and others, will not cost taxpayers one cent,” Cheney added. CUNA has estimated that lifting the cap would create over 108,000 new jobs and inject as much as $10.8 billion in funds into a still ailing economy.


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