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News Now

Washington
Realtors group joins CUNA-led MBL coalition
WASHINGTON (12/17/09)--In what Credit Union National Association (CUNA) President/CEO Dan Mica called a “highly significant development,” the National Association of Realtors (NAR) joined a coalition of organizations that support lifting the cap on credit union member business lending. The NAR joins 15 other think tanks and associations, including the National Farmers Union, the National Cooperative Grocers Association, the National Association of Manufacturers, the National Association of Mortgage Brokers, the League of United Latin American Citizens, and the National Cooperative Business Association, in calling for lifting the business lending cap and providing much-needed credit into the economy. The National Cooperative Business Association also backed MBLs by joining the coalition of associations last week. In a recent open letter to President Barack Obama and members of Congress, CUNA and its associates advocated lifting the current cap on MBL for credit unions. While the bill is still awaiting congressional action, Rep. Paul Kanjorski’s (D-Penn.) H.R. 3380, the Promoting Lending to America's Small Businesses Act, would raise the current MBL ceiling of 12.25% of total credit union assets to 25%. CUNA has estimated that expanding the capacity of credit unions to make business loans could result in $10 billion in new business loans through credit unions and at least 108,000 new jobs in the first year after enactment, with no additional costs to taxpayers. The NAR supported Realtors FCU, a credit union that serves NAR members, their families, and staff, with a $15 million gift when the credit union opened in May of this year. NAR has 1.2 million registered members nationwide.
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