WASHINGTON (7/14/11)— In an appearance on Fox Business Channel Tuesday, Credit Union National Association (CUNA) President/CEO Bill Cheney noted for a national audience that credit unions “are ready to do more” to help the economy; they just need Congress to act by increasing the member business lending cap to make more capital available to the nation's small businesses. Fox Business anchor Charles Payne noted that opposing an MBL cap
lift while small businesses are “drowning” is “beyond the pale” and asked who would oppose such a plan. Cheney said that bankers are the only group against it. Cheney touted the benefits of an MBL cap lift during his interview, noting that lifting the current 12.25% of assets cap to 27.5% could inject over $13 billion in funds into the economy, creating over 140,000 new jobs. "We know we need jobs to stimulate the economy, and we have no cost stimulus that can go out and help small businesses," Cheney said. The nearly 300 credit unions that are near the 12.25% of assets cap account for 51% of the total small business lending done by credit unions, Cheney noted. The CUNA CEO added that credit unions have increased their small business lending by 38% since December of 2007, while bank small business lending has declined by 5% since then. Legislation that would lift the cap is active in both the House and Senate. Cheney also discussed the credit union difference, which gives consumers “a better deal” than for-profit banks. He noted CUNA's new website, aSmarterchoice.org, helps consumers find credit unions to join.