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Gubernatorial candidate in Fla. supports MBLs
WASHINGTON (4/1/10)--Florida CFO and Democratic candidate for governor Alex Sink this week became the latest public official to endorse increasing the cap on member business lending (MBL) for credit unions. Sink, in a letter to the National Credit Union Administration urged Chairman Debbie Matz to continue the fight for an MBL cap lift. Sink added that 90% of all commercial activity in Florida is related to small businesses. Credit unions “are an important partner in giving small businesses the tools they need to grow jobs” and build the economy, Sink wrote. There are currently 104 House sponsors for Rep. Paul Kanjorski’s (D-Penn.) H.R. 3380, which would increase the cap on member business lending by credit unions to 25% of assets and raise the de minimis threshold for those loans to $250,000. The Credit Union National Association (CUNA) has strongly supported this legislation, saying that the bill would help inject $10 billion into the economy and create over 108,000 new jobs at no cost to taxpayers. League of Southeastern Credit Unions President/CEO Patrick La Pine said that Sink’s support is “timely” for credit unions in Florida. “To have CFO Sink write a letter to the NCUA voicing the support of the state’s elected chief financial officer shows our credit unions that state leaders understand that credit unions are doing their part to lend money, help their members and that they can do more,” he said. CUNA is also engaged in an ongoing dialogue with the U.S. Treasury on the MBL issue. CUNA is also urging credit unions to use the current recess of the U.S. Congress to pursue meetings with lawmakers on their home turf.
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