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Washington
MBL drafters continue push for more support
WASHINGTON (3/5/10)--In a letter circulated on Wednesday, Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.), the architects of H.R. 3380, which would increase the cap on member business lending for credit unions to 25%, continued to urge their House colleagues' to support the measure, saying that it makes "real economic and fiscal sense to enhance credit unions' ability to lend to their business-owning members." The legislation would also raise the "de minimis" threshold for member business loans to $250,000. Several trade groups, including the National Association of Realtors, the National Small Business Association, and the National Association of Mortgage Brokers, on Wednesday joined the chorus of supporters that are behind lifting the cap on member business lending (MBL) for credit unions by co-signing the letter. In the letter, Kanjorski and Royce cited Credit Union National Association estimates which predict that lifting the MBL cap would inject $10 billion in new capital into the economy and create as many as 100,000 new jobs at no cost to taxpayers. According to Kanjorski and Royce, "allowing credit unions to extend loans to credit-starved small businesses will add fuel to a self-sustaining economic expansion." "Congress just needs to flip on the switch," they added. Kanjorski and Royce also communicated the need for MBL support in a dear colleague letter earlier this week. That letter was signed by 58 members of the House. Individual small businessowners have also recently called on Congress to support increasing the member business lending cap by writing to their congressional representatives directly.
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