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News Now

Washington
Small business group reiterates MBL support
WASHINGTON (3/25/11)—Saying it is “confident that the nation’s credit unions stand ready to extend critical capital to America’s small-business owners,” the National Small Business Association (NSBA) this week again backed legislation that would lift the cap on credit union member business lending (MBL). This round of MBL cap lift support came in the form of a letter to Sen. Mark Udall (D-Colo.). Udall is the chief sponsor of the Small Business Lending Enhancement Act (S. 509), a bill that would lift the MBL cap to 27.5% of a credit union’s total assets. A total of 18 cosponsors have signed on to support that bill since it was introduced on March 8. The letter called on Congress to do “everything within its power to encourage and expand small-business lending. “If the nation’s credit unions stand ready, willing, and able to increase their lending to small firms beyond their current statutory cap of 12.25 percent of assets, then Congress immediately should increase credit unions’ small-business lending cap,” the letter added. Credit Union National Association (CUNA) research has shown that the increased MBL cap could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs. CUNA underscores that these economic benefits come at no cost to taxpayers. Tens of thousands of credit union advocates have urged their respective representatives to support the MBL legislation, and credit union representatives across the country are discussing several credit union-related issues this week during individual meetings and public town halls in their home districts.


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