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News Now

Washington
New Ways and Means chair is MBL supporter
WASHINGTON (3/4/10)— Rep. Fortney “Pete” Stark (D-Calif.), named yesterday as new chairman of the House Ways and Means Committee, is co-sponsor of a House bill (H.R. 3380) to increase the credit union business lending cap, notes Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs John Magill. Stark also recently signed a letter, circulated to House colleagues by the H.R. 3380’s primary sponsors, that urges House leadership to add similar MBL provisions to a jobs-creation legislative package. The current House proposes a 25%-of-assets MBL cap, up from the current 12.25% limit, and would increase the "de minimis" threshold for these loans to $250,000. After Pelosi’s announcement that Stark will fill in on an interim basis as Rep. Charles Rangel (D-N.Y.) takes a leave of absence from the top post of the powerful Ways and Means panel, CUNA’s Magill underscored that CUNA will reach out to Stark to strengthen a relationship and share credit union issues.


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