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News Now

Washington
MBL bill to get House subcommittee hearing next month
WASHINGTON (9/26/11)--Credit union member business lending, and the potential benefits that lifting the MBL cap could provide for an ailing economy, will be front and center at a scheduled October hearing before the House Financial Services subcommittee on financial institutions and consumer credit. The Credit Union National Association (CUNA) has emphasized lifting the MBL cap to 27.5% of assets as another way that business owners could access the money needed to hire new workers and expand their businesses. Lifting the credit union MBL cap from the current 12.25% of assets restriction would inject more than $13 billion in new funding into the economy, at no cost to taxpayers, creating 140,000 new jobs in the first year after enactment. CUNA and credit unions continue the push to garner additional support for H.R. 1418 and S. 509, both of which would lift the MBL cap to 27.5% of assets. The MBL cap lift bills have been suggested as one small piece that could be added to the Obama administration's larger plan to reinvigorate the ailing economy. CUNA President/CEO Bill Cheney this month also encouraged members of the House Financial Services subcommittee on capital markets and government-sponsored enterprises to add lifting the credit union member business lending cap to any discussion on capital creation. H.R. 1418, which was introduced by Rep. Ed Royce (R-Calif.), has a total of 61 co-sponsors. The Senate bill, S. 509, was introduced by Sen. Mark Udall (D-Colo.) and has the backing of 21 senators. Credit union leagues and representatives from individual credit unions are working to gather even more congressional backing for the MBL cap lift during CUNA’s 2011 Hike the Hill, which continues into next month. Around 450 credit union representatives from more than 20 states are taking part in this year’s hikes.


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