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Lawmakers back higher MBL power on CNN Tonight
WASHIINGTON (12/16/09)—Reps. Brad Sherman (D-Calif.) and Thaddeus McCotter (R-Mich.) on "CNN Tonight" Monday gave a positive nod to increasing the ability of credit unions to provide member business lending (MBL). While expressing his opinion that some aspects of the Troubled Asset
Rep. Brad Sherman (D-Calif.) addresses credit union advocates participating last week in CUNA's National Hike the Hill effort. (CUNA Photo.)
Relief Program—known as TARP—have worked, Sherman added that what must be done now to help the economy is “take some action so we have small business lending.” “One key element,” Sherman said, “is to let credit unions make small business loans. I think that could provide over 100,000 jobs and we wouldn’t even have to have a meeting at the White House.” Sherman was alluding to President Barack Obama’s meeting that day with whom the president called “fat cat” bankers. Obama was trying to get the bankers to loosen their tight grip on credit. Rep. Thaddeus McCotter (R-Mich.), also a guest on the show, seconded Sherman’s credit union endorsement. McCotter said, “One of the things we should look at, as Brad (Sherman) pointed out, is ways that we can get credit unions to continue to help us with this.” He added, “They’ve been very smart citizens throughout trying to make business loans and loans for consumer purchases.” During the Credit Union National Association’s (CUNA’s) recent National Hike the Hill, hundreds of credit union advocates blanketed Capitol Hill to encourage lawmakers to back legislation to lift the MBL cap to 25% of assets, up from the current 12.25% limit. CUNA research has shown that the change could infuse $10 billion of credit into markets and, as noted by Sherman, create at least 108,000 new jobs.
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