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Mica seeks Obamas support for MBL cap lift
WASHINGTON (1/25/10)--The Credit Union National Association (CUNA) has called on President Barack Obama to endorse credit union member business lending (MBL) “as part of the solution to the small business credit crunch” in his upcoming State of the Union address. Legislation that would lift the MBL cap is pending in both the House and the Senate, and CUNA has estimated that lifting the MBL cap could result in as much as $10 billion in new capital for small businesses and the creation of over 108,000 new jobs within one year. In a letter sent to Obama late last week, CUNA President/CEO Dan Mica asked him to “not let this money go unused and these jobs go uncreated” and urged Obama to “call on Congress to pass legislation to permit credit unions to lend more to their business-owning members.” Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.), as well as Sen. Mark Udall (D-Colo.) have respectively introduced legislation that would increase the current MBL cap from 12.25% of total assets to 25% of total assets, and increase the de minimis amount of a credit union business loan to $250,000. “This does not represent a complete solution to the problems we face, but this lending could be done safely and soundly without costing the taxpayers a dime and without increasing the size of government,” Mica added.
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