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News Now

Washington
Udall backs MBL lift in Denver Post editorial
WASHINGTON (9/29/11)--Setting a higher credit union member business lending (MBL) cap “is just one way to give businesses the fuel to rev up our economic engine and create permanent job opportunities in Colorado,” Sen. Mark Udall (D-Colo.) said in an editorial published this week in the Denver Post. Udall noted in the editorial that Colorado small-business owners have told him they need “fewer regulations and more access to capital to expand and hire.” He said that his legislation to lift the MBL cap “would responsibly loosen government restrictions on credit unions and help small businesses create more than 100,000 jobs at no cost to taxpayers.” The senator is the author of S. 509, which would increase the MBL cap to 27.5% of assets, up from 12.25%. The Credit Union National Association (CUNA) has estimated that lifting the cap to 27.5% of assets would inject $13 billion in new funds into the economy and create 140,000 new jobs, at no cost to taxpayers. Udall’s bill has a total of 21 co-sponsors. A House version of the MBL legislation, which was introduced by Rep. Ed Royce (R-Calif.), has a total of 80 co-sponsors. A hearing on the House bill is scheduled to take place before the House Financial Services subcommittee on financial institutions and consumer credit at 2 p.m. (ET) on Oct. 12. For more on the House Financial Services Committee's upcoming schedule, see Friday's edition of News Now.
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