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News Now

Washington
Oct. 12 is MBL hearing date
WASHINGTON (9/27/11)--The House Financial Services subcommittee on financial institutions and consumer credit’s upcoming hearing on credit union member business lending now has a definite date: Oct. 12. The Credit Union National Association (CUNA) has repeatedly emphasized the potential benefits that lifting the MBL cap could provide for an ailing economy in several ways, including ads in local newspapers and direct contact with legislators in letters and in the form of Capitol Hill visits during CUNA’s 2011 Hike the Hill. H.R. 1418, which was introduced by Rep. Ed Royce (R-Calif.), has a total of 80 co-sponsors, according to www.govtrack.us. Similar Senate legislation (S. 509) has also been introduced by Mark Udall (D-Colo.). That bill has 20 cosponsors. Although members of the House are in their home districts this week, CUNA continues to look for legislative vehicles for MBL cap lift legislation. CUNA has suggested MBL cap lift bills in the House and Senate should be added to the Obama administration's larger plan to reinvigorate the ailing economy. CUNA President/CEO Bill Cheney this month also encouraged members of the House Financial Services subcommittee on capital markets and government-sponsored enterprises to add lifting the credit union member business lending cap to any discussion on capital creation. “You can’t credibly talk about the issue of job creation without also talking about MBLs,” Richard Gose, CUNA senior president of political affairs, said on Monday. Congress has to do something about the larger economic picture, he added. CUNA estimates that lifting the MBL cap to 27.5% of assets, up from the current 12.25% of assets restriction, would inject more than $13 billion in new funding into the economy, at no cost to taxpayers. These funds could create 140,000 new jobs in the first year after enactment.


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