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News Now

Washington
National Hike the Hill greets active Congress
WASHINGTON (12/7/09)--With House votes on a bevy of financial regulatory reforms drawing close, the Credit Union National Association and the state leagues will bring over 600 credit union activists to Washington on Dec. 8, 9 and 10 for a “National Hike the Hill.” A main goal of this round of CUNA’s “Hike the Hill” campaign is to urge legislators to give credit unions more capacity to help the economy by giving them more capacity to make business loans to their members. Congressional action on H.R. 3380, the Promoting Lending to America's Small Businesses Act of 2009, is pending. The bill would increase the MBL cap to 25% of a credit union's total assets, would raise the "de minimis" threshold for MBL loans to $250,000, and would exempt loans made to non-profit religious organizations as well as loans made in qualified underserved areas from the cap. CUNA has estimated that credit unions would generate up to $10 billion in business loans in the first year that the MBL cap is lifted, creating about 108,000 jobs in the process. Rep. Paul Kanjorski (D-Pa.) last week asked Reps. Nancy Pelosi (D-Calif.) and George Miller (D-Calif.) to help credit unions assist small businesses by including portions of H.R. 3380 addressing MBL in their upcoming job creation legislation. Other recent grassroots advocacy initiatives by CUNA and the Leagues include individual state League “Hike the Hill” events and a postcard campaign addressing interchange fees.


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