CUNA News Now: MBLs important to recovery: CUNA tells lawmakers

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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE 2 days ago

Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD 2 days ago

Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7 2 days ago

WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN. 2 days ago

Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN. 2 days ago

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WASHINGTON (10/28/08)—If no longer restricted by a statutory business lending cap, credit unions likely could provide $10 billion of new credit to small businesses within the first 12 months of receiving new authority, according to the Credit Union National Association (CUNA).

That would be in addition to the approximately $30 billion already in outstanding business loans provided by credit unions, CUNA noted.

In letters being sent today to leaders of the House Committee on Small Business Committee, CUNA notes the infusion of funds by credit unions into small businesses would "provide much needed economic stimulus without costing the taxpayers a dime."

CUNA's letter is being sent to Chairwoman Nydia Velazquez (D-N.Y.) and ranking minority member, Rep. Steve Chabot (R-Ohio) as the small business panel conducts a hearing today on " Creating Opportunities for Small Business in Economic Recovery."

Over the almost 100 years of credit union history in this country, member business lending was unrestricted until the 1998 Credit Union Member Access Act (CUMAA, H.R. 1151).

"Credit unions with business lending experience are in a position to assist small business owners. As a part of a comprehensive approach to make credit more available to small business owners, we encourage Congress to enact legislation eliminating the decade-old cap on credit union member business lending," the CUNA letter says.

"As the economy recovers from this crisis, credit unions will continue to be there for their members.

"We know credit unions cannot be the entire solution to the problems we face, but credit unions stand ready, willing and able to assist in the recovery," the CUNA letter says.

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