Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
House introduces MBL cap lift legislation
WASHINGTON (4/8/11)--Legislation that would lift the credit union member business lending (MBL) cap to 27.5% of total assets was introduced in the House on Thursday. Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) introduced the bill, and Reps. Russ Carnahan (D-Mo.), Hank Johnson (D-Ga.) and Gary Peters (D-Mich.) are original co-sponsors of H.R. 1418, the Small Business Lending Enhancement Act. The bill is similar to Senate legislation offered by Sens. Mark Udall (D-Colo.) and Olympia Snowe (R-Maine) last month. Credit Union National Association (CUNA) President/CEO Bill Cheney thanked the legislators for introducing the bill. Cheney added that this legislation, coupled with the Senate bill, gives credit unions reason to believe “that they may--soon--be able to do more to help our nation’s economy grow and prosper.” Royce in a release said that the MBL cap lift legislation “takes an important step in shifting our current economic path and putting Americans back to work.” McCarthy added that she was “proud to reach across the aisle-–and across the country--to help our small businesses and entrepreneurs grow at this critical time." CUNA has estimated that the MBL cap lift could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs, at no cost to taxpayers. Udall spoke in support of his bill on the Senate floor last week, calling on his fellow senators to help him "get government out of the way" and allow credit unions to increase their lending to small businesses. The Senate bill has 18 co-sponsors, and Senate Banking Chairman Tim Johnson (D-S.D.) has said he is interested in examining the MBL legislation in his committee.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago