Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Recent Hill battle brings great MBL recognition CUNA
WASHINGTON (7/30/10)--The recent Capitol Hill battle that embroiled a small business jobs package has taken its toll on that legislation, but credit unions have been able to use the process to shine a positive light on increased member business lending, said Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs John Magill Thursday. CUNA and credit unions worked fervently to add a provision to the small business bill that would increase credit union business lending authority to 27.5% of total assets, up from the current 12.25% cap. Sen. Mark Udall (D-Colo.) crafted an amendment proposing that increase and has urged his colleagues in the Senate to add it to the body of the bill. During the process, CUNA and credit unions have been able to make the case for increased MBL authority to lawmakers and in the media. The effort, in fact, gained the backing of the Obama administration. “This is the closest credit unions have ever gotten in their pursuit for increased MBL authority. Lawmakers, and the nation at large, have learned how much this simple legislative change could do to help our nation and its small businesses,” Magill said late Thursday. As Udall has noted on the Senate floor, CUNA estimates that more than $10 billion in credit could become available if the MBL cap were lifted, even if just to 25%. The statutory change would also serve to add 108,000 jobs into a struggling market. “The overall bill may be a victim of politics. But credit unions have received attention and recognition on Capitol Hill, and we'll be back at the first opportunity to finish the job,” Magill said.


RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
9 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
12 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
13 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
13 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
13 hours ago