WASHINGTON (5/30/12)--With the Senate still to vote on credit union member business lending legislation, credit unions and small business owners must keep up the pressure on the U.S. Congress to increase small business' access to much-needed credit by raising the MBL cap, Credit Union National Association (CUNA) President/CEO Bill Cheney said on Tuesday.
Representatives from CUNA, credit union leagues, individual credit unions, and small business owners that have worked with their credit unions have met with staff of every U.S. Senate office ahead of a potential Senate vote on member business lending cap increase legislation, and these efforts "must continue if we are to be successful," he added.
Pending Senate and House bills would increase the MBL cap to 27.5% of a credit union's assets, up from 12.25%, under certain conditions, and CUNA has estimated that this increased MBL authority would help to inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers.
Senate leadership remains committed to a floor vote on the MBL legislation; a voting date has not yet been determined.
Cheney and CUNA staff have also met personally with 35 senators, and have plans to meet with more in the coming weeks, Cheney said.
"CUNA will work with leagues to ensure that every senator and every representative hears from small business owners and credit unions about this bill–not just once or twice, but on a very regular basis. We need a steady stream of contacts not only in Washington, but also in every state and every congressional district across the country," he added.
To help these ongoing MBL advocacy efforts, Cheney emphasized that credit unions that lend to small businesses must reach out to those they have served and encourage them to write, call and meet with their senators or their staff.
Credit unions that do not lend to small-business owning members should reach out to their senators and representatives and let them know that it is important that more small business credit is made available, because if small businesses are successful, credit unions will be successful, he said.
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