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Washington
Rep. Sherman urges colleagues Put MBLs in jobs bill
WASHINGTON (1/5/10)--Rep. Brad Sherman (D-Calif.) in a letter to House Education & Labor Committee Chairman Rep. George Miller (D-Calif.) said that Rep. Paul Kanjorski’s H.R. 3380, the Promoting Lending to America's Small Businesses Act of 2009, should be included as part of any future “jobs bill” that the Congress could bring to the House floor. The Credit Union National Association (CUNA) has advocated for litfing the member business lending cap through frequent communication with legislators as well as its recently completed national hike the hill, and 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. “While business lending by credit unions represents merely a fraction of that by banks and other financial institutions,” Sherman said that “credit unions are ready to expand their business lending” and “are eager to put their capital to work to help sustain the recovery.” In the letter, which was also sent to Kanjorski and Reps. Nancy Pelosi (D-Calif.) and Barney Frank (D-Mass.), Sherman added that the current de minimis threshold for MBLs, which stands at $50,000, is “prohibitively small to allow credit unions to effectively serve the borrowing needs of their business members in today’s economy.” Kanjorski’s bill, which was introduced in the fall of 2009, would increase the MBL cap to 25% of a credit union's total assets, would raise the de minimis threshold for a loan to be considered a "member business loan" to $250,000, and would exempt loans made to non-profit religious organizations as well as loans made in qualified underserved areas from the cap.
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