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Pre-hearing ad urges MBL action to add jobs CUNA
WASHINGTON (10/12/11)--Seven new names have joined the list of small business and policy organizations that have joined the Credit Union National Association (CUNA) to support increasing the credit union member business lending (MBL) cap ahead of today’s House Financial Services subcommittee on financial institutions and consumer credit hearing on MBLs.
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Those new supporters are the Progressive Policy Institute, Small Business Majority, the CCIM Institute, the Institute of Real Estate Management, MultiFunding, the Realtors Land Institute, and the Society of Industrial and Office Realtors. The seven supporters are among the 27 groups that have co-signed an open letter that urges President Barack Obama and members of Congress to allow credit unions to expand lending to their business members. The letter, which will run in Washington, D.C. publications with Capitol Hill readerships today, notes that credit unions continue to lend to their members, even as banks have cut back. A similar MBL-push letter was published in D.C.-based publications in late 2009. The letter also addresses the vital role that credit unions play in providing capital to underserved communities and small businesses, and adds that credit unions understand the special needs of their business members and can make loans that banks will not. These and other similar details will be covered Wednesday afternoon when Jeff York, president/CEO of Coasthills FCU, Lompoc, Calif., testifies before Congress on MBLs. The credit union CEO will testify on CUNA’s behalf and is scheduled to cover the benefits a higher MBL cap would have on the nation's economy and its small businesses. York is testifying on CUNA’s behalf. York in a written statement will cover how H.R. 1418 “would permit credit unions with the most experience successfully offering business loans to their members the opportunity to continue to do so as they approach the cap, while at the same time ensuring that these credit unions engaged in additional business lending continue to do so safely and soundly.” National Credit Union Administration (NCUA) Chairman Debbie Matz is also scheduled to testify during today’s hearing, which is set for 2 p.m. (ET).
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