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News Now

Washington
N.J. CUs promote MBL benefits via ad
HIGHTSTOWN, N.J. (4/10/12)--The New Jersey Credit Union League (NJCUL) is publicizing the promise of credit union member business lending legislation through an in-state radio ad and a postcard campaign ahead of a possible vote on a Senate MBL bill later this month.

The NJCUL radio and internet advertisements encourage Sens. Frank Lautenberg (D) and Robert Menendez (D) to vote in favor of Sen. Mark Udall's Credit Union Small Business Jobs Act (S. 2231). The bill, which would increase the MBL cap from 12.25% of assets to 27.5% of assets, is expected to come up for a vote in the Senate after Congress returns from their spring district work period next week. A vote on similar U.S. House MBL legislation has been promised by sponsor Ed. Royce (R-Calif.)

Both bills would inject $13 billion in new funds into the economy and create 140,000 new jobs, according to Credit Union National Association (CUNA) estimates.

The ads also direct listeners to www.bankingyoucantrust.com, a NJCUL website that features information on the MBL legislation and information to help citizens contact their Senators. NJCUL has also sent more than 800 postcards to the two Senators as part of the MBL campaign, and created a website, is also asking credit union employees, volunteers and members to send their own cards in.

"Our ads help communicate the necessity of support from Senators Lautenberg and Menendez and seek to inform New Jersey consumers of the true economic benefits of the Senate lifting the MBL cap. We hope that this is just the push the Senators need to vote yes when the bill comes before the Senate," NJCUL President/CEO Paul Gentile said.

CUNA and state credit union leagues in Arizona, Virginia, Wisconsin, Mississippi, Iowa, Alabama, Nebraska, South Dakota, South Carolina, and Idaho have also released their own radio ads to let small business-owning listeners that have had trouble accessing loans know that "credit unions are ready to lend a hand," and will have more money to lend to them, once Congress moves to increase the credit union member business lending cap. The ads are part of heavy in-district activity, and CUNA has urged credit unions to use every opportunity during the current April District Work Break to speak up on behalf on an MBL cap lift. (See related April 9 News Now story: CUNA/league radio ads tout MBL aid for small biz)
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