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Lifting MBL cap gives small biz fresh capital NAR
WASHINGTON (6/4/10)--The National Association of Realtors (NAR) this week continued its recent support of raising the member business lending (MBL) cap for credit unions, telling News Now that “lifting the current cap on credit union business lending will provide fresh capital that small businesses need at no cost to the American taxpayer, which will help contribute to our nation’s economic recovery." "Improving access to capital for small businesses has been widely acknowledged as a critical part of growing the American economy,” the NAR representative added. NAR also testified in favor of lifting the MBL cap beyond the current 12.25%-of-assets threshold before Congress last month and has directly advocated on behalf of credit unions through their own hike-the-hill style program. The U.S. Treasury, Rep. Paul Kanjorski (D-Penn.) and Sen. Mark Udall (D-Colo.) have all proposed separate pieces of legislation aimed at the MBL cap, with the Treasury proposing to lift the cap to as high as 27.5% of a credit union’s total assets. The House and Senate bills each propose lifting the MBL cap to 25% of a credit union’s total assets, and Kanjorski’s bill currently enjoys broad support, with 122 cosponsors. The Credit Union National Association has estimated that lifting the MBL cap to 25% of a credit union's assets would create over 100,000 new jobs and inject over $10 billion in funds into the economy, at no cost to taxpayers. Rep. Barney Frank (D-Mass.) last month indicated that his House Financial Services Committee would hold a vote on MBL legislation "fairly soon."
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