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Washington
Sponsors urge colleagues add MBLs to jobs bill
WASHINGTON (2/23/10)—The primary sponsors of a House bill to increase the credit union member business lending (MBL) cap have urged their lawmaking colleagues to support adding the MBL language to a jobs-creation legislative package. Reps. Paul Kanjorski (D-Pa.), Ed Royce (R-Calif.), and Marcy Kaptur (D-Ohio) Monday sent a letter to each House member asking them to sign on to a letter to House Speaker Nancy Pelosi, of California, and Republican Leader John Boehner, of Ohio, that will seek this new approach to MBL legislation. “We need to create more jobs and help small business expand. One way to do so is to unleash the power of America’s credit unions to make more member business loan as proposed in H.R. 3380, the Promoting Lending to America’s Small Businesses Act,” the lawmakers wrote in the “dear colleague” letter. That bill would, among other things, increase the MBL cap to 25% of assets, up from the current 12.25%. The letter to Pelosi and Boehner will note that increased MBL authority, as specified in H.R. 3380, could result in credit unions lending up to $10 billion in new capital to small businesses in the first year after enactment, helping them to create more than 100,000 new jobs. “By enhancing credit unions’ ability to extend loans to America’s small businesses, we can quickly help to advance much-needed economic growth. Increasing competition in the small business loan marketplace will also increase the efficiency of capital allocation,” the letter will tell the House leaders. The letter to colleagues was sent on the first day of the Credit Union National Association’s (CUNA’s) Governmental Affairs Conference in Washington, D.C. One pivotal part of the annual CUNA session is credit union representatives’ visits to lawmakers on Capitol Hill to discuss key issues. Kanjorski has asked CUNA and the leagues to help get as many co-signers to the Pelosi-Boehner letter as possible, asking credit unions to make this a priority during their visit. The deadline for members to sign on to the letter is noon Friday.
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