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News Now

Washington
Keep up grassroots on CU issues says Cheney
WASHINGTON (7/14/10)-With the U.S. Senate seemingly poised on the brink for votes on key bills for credit unions, Credit Union National Association (CUNA) President/CEO Bill Cheney urged credit union Tuesday to keep up their grassroots action. The Senate has on its near-term agenda a final vote on H.R. 4173, the Wall Street Reform and Consumer Protection Act, and a vote on the Small Business Lending Fund Act (H.R. 5297). (See related story: NCUA strongly endorses increased MBL authority) Regarding the Small Business Lending Fund Act, Sen. Mark Udall (D-Colo.) has introduced an amendment that would increase the credit union member business lending (MBL) cap to 27.5% of total assets, up from the current 12.25%. CUNA and credit unions have worked in support of this change, which CUNA notes could add $10 billion in credit for the country’s struggling small businesses and add more than 100,000 new jobs—at no cost to taxpayers. CUNA and credit unions oppose H.R. 4173, the regulatory reform bill, because it includes an interchange provision that allows the government to set the cost of interchange fees, a rule change that CUNA argues will harm both credit unions and their members. “Credit union voices must continue to be heard on Capitol Hill about these important pieces of legislation as they move toward a vote in the Senate,” Cheney said and urged credit unions to light up the Capitol switchboard (202-224-3121) to reach their senators.


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