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N.C.s Hagan pledges support for lifting MBL cap
WASHINGTON (1/14/10)--Praising credit unions for their “critical role” in getting credit flowing, Sen. Kay Hagan (D-N.C.) announced her support for legislation that would increase the member business lending cap for credit unions. S. 2919, which would increase the credit union MBL cap to 25% of assets, was recently introduced by Sens. Mark Udall (D-Colo.), Charles Schumer (D-N.Y.), Barbara Boxer (D-Calif.), Joseph Lieberman (I-Conn.), Olympia Snowe (R-Maine), Susan Collins (R-Maine) and Kirsten Gillebrand (D-N.Y.). Gillibrand earlier this week also spoke in support of including S. 2919 as part of pending job-creation legislation that will soon come up in Congress. In her remarks, Hagan cited CUNA information that estimates that granting credit unions the higher business lending authority could provide $10 billion in new small business loans and at least 108,000 new jobs. “As we move forward this year with plans to create jobs in our country, we’ve got to ensure that we are doing all we can to support small businesses,” Hagan added.
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