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Cheney to testify at June 16 Senate MBL hearing
WASHINGTON (6/10/11)—Credit Union National Association (CUNA)President/CEO Bill Cheney is expected to urge the Senate to allow credit unions to help the economy grow and prosper through increased member business lending during a June 16 Senate Banking Committee hearing on a bill to increase the MBL cap. National Credit Union Administration Chairman Debbie Matz is also scheduled to testify. The Thursday hearing will focus on S. 509, which would lift the current MBL cap to 27.5% of total assets. Senate Majority Leader Harry Reid (D-Nev.) this week declared his support for S. 509, adding his name to the list of 19 cosponsors. Sen. Mark Udall (D-Colo.) introduced S. 509 earlier this year. Similar legislation, introduced by Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.), is pending in the House. Cheney said yesterday that the hearing is a “terrific opportunity” for CUNA to “tell the good news about credit unions and their business lending success.” An MBL cap increase is among CUNA’s top legislative priorities, a list which also includes gaining authority for credit unions to have supplemental sources of capital beyond retained earnings. Other witnesses scheduled to appear are National Association of Federal Credit Unions Board Chairman and Webster First FCU CEO Michael Lussier, American Bankers Association Chairman Stephen Wilson, and Grand Rapids State Bank CEO Noah Wilcox, on behalf of Independent Community Bankers of America.
Click to view larger image Sen. Mark Udall (D-Colo.), right, says his bill to increase MBL authority for credit unions has growing bi-partisan support. He was addressing the American Association of Credit Union Leagues 2011 governmental affairs and political specialists conference here this week. (CUNA Photo)
Earlier this week, Udall, speaking at the American Association of Credit Union Leagues 2011 governmental affairs and political specialists (GAPS) conference this week, said that both Republican and Democratic colleagues are expressing support for the cap lift, adding that they all have “been looking to forge that key to get our economy back on track.” Udall recommended that credit union advocates urge his colleagues, at a minimum, to allow a vote on the MBL legislation, and said that the type of direct interaction that credit union leagues and credit union leaders, as well as members, have with legislators “really does make a difference.” CUNA has estimated that lifting the MBL cap would generate $13 billion in new small business loans over the first year, creating 140,000 new jobs at no expense to taxpayers. For more on the hearing, use the resource link.
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