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News Now

Washington
NCUAs Matz backs small biz MBL cap lift
ALEXANDRIA, Va. (6/1/10)--National Credit Union Administration (NCUA) Chairman Debbie Matz, marking the end of National Small Business Week on Friday, praised small businesses as vital contributors to job creation and again spoke in favor of increasing the current cap on credit union member business lending (MBL). “An enhanced ability for credit unions to lend for business purposes – if properly regulated, with appropriate safeguards – can become an even greater spur to job creation in the future,” Matz said, adding that the NCUA would “promptly revise” its regulation “to ensure that additional capacity in the credit union system would not result in unintended safety and soundness concerns” if the MBL cap was lifted. The Treasury last week sent its own proposed legislation that could lift the MBL cap to as high as 27.5% of a credit union’s assets, and Rep. Barney Frank (D-Mass.), who chairs the House Financial Services Committee, recently said that his committee would soon hold a hearing on MBLs. The Credit Union National Association has steadfastly supported lifting the MBL cap, saying that increasing the current 12.25% of assets loan ceiling to 25% would inject over $10 billion in assets into the economy, creating as many as 100,000 new jobs.


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