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FOX Congress stifles Main Street with MBL inaction
WASHINGTON (8/12/10)--A recent article from FOX Network’s Small Business Center zeroed in on “Eight Ways Congress is Stifling Main Street.” Number four among the gripes was that lawmakers won’t allow credit unions to increase their member business lending (MBL) authority. FOX quoted the Credit Union National Association’s (CUNA’s) research findings that show if the cap were simply doubled to 25% of total assets, up from the current 12.25% limit, credit unions could add $10 billion of small business credit within the first year of enactment, and could produce more than 100,000 new jobs. CUNA also stresses that these benefits to the economy come at no cost to taxpayers. “Though bills introduced in both the House and the Senate enjoy broad support, no action whatsoever has been taken,” noted FOX writer Rob Reuteman. Reuteman said he based his article on National Small Business Association’s (NSBA’s) May 27, 2010 report: “Squandered Opportunities and Misplaced Priorities: Why Small Business is Too Big to Fail.” CUNA is urging credit unions to continue advocacy efforts for an MBL amendment, drafted by Sen. Mark Udall (D-Colo.), which would increase the cap to 27.5%. Udall and other Senate supporters want the MBL language attached to a small business jobs bill currently under Senate consideration. (See related story: CUNA-- Five week break equals MBL opportunity.)
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