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Stivers backs MBL increase to help economy
WASHINGTON (3/2/11)--Rep. Steve Stivers (R-Ohio) said the nation’s economic problems will be solved a lot faster if the government gets out of the way and allows credit unions to do their job. He said the small business sector can be more effective in easing unemployment if given the opportunity. Stivers added that the U.S. Congress can help speed up growth of this sector by broadening credit union authority to make small business loans to members. Stivers was addressing the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC), which concludes tomorrow. Also at the CUNA GAC, CUNA Vice President of Legislative Affairs Ryan Donovan said that CUNA expects that both the House and Senate will see introduction of new legislation to increase the MBL cap “very soon.” CUNA supports efforts to increase the MBL cap to 27.5%, a change
Click to view larger image Rep. Steve Stivers (R-Ohio) said the Federal Reserve Board must "step back and give careful study" to its proposed rules to implement the interchange fee rules carried in the Dodd-Frank Act. (CUNA Photo)
that CUNA has noted would bring $10 billion of new capital to small business in the first year, and add more than 100,000 jobs. CUNA will work in 2011 to get such a provision attached to any congressional legislation intended to stimulate the economy or job growth, Donovan said. Bills that were still pending final action when the final session of the 111th Congress adjourned last year, as was MBL legislation in the House and Senate, need to be reintroduced in the new 112th Congress. On another topic, Stivers, a member of the House Financial Services Committee, also questioned proposed efforts to reform financial regulation. “Only in the federal government can you bring in new people to replace those who have not done their jobs, and still keep the old people around,” he told the Tuesday session of CUNA’s GAC conference. He also said that current proposals to revise interchange fees needed to be revised “in a thoughtful way.”


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