MBL backers increase after CU Hill visits
WASHINGTON (3/1/10)--Credit union advocacy gained great results during last week's Credit Union National Association (CUNA) Governmental Affairs Conference (GAC), with various credit union representatives securing 16 new co-sponsors for legislation that would increase the 12.25% of assets cap on member business lending by credit unions.
The legislation in question, H.R. 3380 and S. 2919, would allow credit unions to lend as much as 25% of their total assets to members that own small businesses and would raise the "de minimis" threshold related to these loans to $250,000.
The adding of these new cosponsors happened as 4,000 credit union representatives blanketed Capitol Hill during CUNA's GAC, meeting with lawmakers on top credit union issues such as interchange and increasing the MBL cap.
The House version of the bill is now also cosponsored by Rep. Carolyn Maloney (D-N.Y.), Rep. Chellie Pingree (D-Me.), Rep. Carolyn Kilpatrick (D-Mich.), Rep. James Langevin (D-R.I.), Rep. John Sarbanes (D-Md.), Rep. Elton Gallegly (R-Calif.), Rep. Gary Peters (D-Mich.), Rep. Larry Kissell (D-N.C.), Rep. Candice Miller (R-Mich.), Rep. Patrick Kennedy (D-R.I.), Rep. Alan Grayson (D-Fl.) Rep. Christopher Carney (D-Pa.), Rep. Steve Kagen (D-Wisc.), Fortney Stark (D-Calif.), Rep. Gus Bilirakis (R-Fl.) and Rep. Neil Abercrombie (D-Hi).
Senators Bernie Sanders (I-Vt.) and Arlen Specter (D-Pa.) signed on to support S. 2919. (See related story: GAC grassroots advocacy gets results)
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