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News Now

Washington
Kanjorski seeks House help on CU MBL cap
WASHINGTON (12/3/09)--Rep. Paul Kanjorski (D-Pa.) has asked Reps. Nancy Pelosi (D-Calif.) and George Miller (D-Calif.) to help credit unions assist small businesses by including portions of H.R. 3380, the Promoting Lending to America’s Small Businesses Act of 2009, addressing member business lending (MBL) in their still-developing jobs creation legislation. In the letter sent today, Kanjorski said that “credit unions are already helping their members start businesses, as well as helping their members with established businesses.” He added that credit unions could “do even more if Congress raised the member business lending cap.” “Unfortunately, an arbitrary restriction imposed in 1998 has so far limited their ability to promote greater economic growth during the current economic downturn. Prior to the enactment of this statute, credit unions had no cap on their member business lending activities,” he added. Credit Union National Association (CUNA) President/CEO Dan Mica thanked Kanjorski for his support and called the letter “a significant indication of Representative Kanjorski's continued support of credit unions and increasing the MBL cap.” H.R. 3380, which was introduced by Kanjorski and Rep. Ed Royce (R-Calif.) earlier this year, would increase the MBL cap to 25% of a credit union's total assets, would raise the "de minimis" threshold for a loan to be considered a "member business loan" to $250,000, and would exempt loans made to non-profit religious organizations as well as loans made in qualified underserved areas from the cap. CUNA estimates that if the cap were eased, approximately $10 billion could be provided in new small business loans.
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