MBL push vital before Senate return: Cheney
WASHINGTON (9/8/10)--Credit Union National Association (CUNA) President/CEO Bill Cheney began the shortened, post-Labor Day week by again proclaiming in national media that the government needs to unshackle credit unions and allow them to help the economy by increasing their member business lending (MBL) potential.
In editorials published in The Washington Times and on the political blog dailycaller.com, Cheney stressed that increasing the MBL cap would allow the government to aid the economy at no cost to taxpayers. CUNA has estimated that lifting the current cap to 27.5% of total credit union assets would create at least 108,000 new jobs and inject more than $10.8 billion in new credit for small businesses in the first year following enactment. There is currently a 12.25% statutory cap on such lending.
"While (increased MBL authority) alone would not solve the nation's unemployment and growth problems, it certainly would help, and it would be an easy, painless fix," Cheney added in the Times editorial.
Senate passage of an MBL proposal offered by Sen. Mark Udall (D-Colo.), which would "open up a lending channel and create new jobs," should be "a no-brainer," Cheney added.
President Barack Obama will reportedly propose a number of tax breaks aimed at helping businesses, including small businesses. Cheney and CUNA contacted Obama last week, urging him to help credit unions help the economy by supporting MBL legislation, and CUNA this week will again take the case for an MBL cap lift directly to the White House during a meeting with President Obama's economic advisors.
Cheney called on readers to urge their legislators to support the MBL legislation, as credit union leagues and credit union backers nationwide continue to do. Cheney noted that these supporters have written letters to editors, submitted their own editorials to local press, and directly contacted their legislators through in-district town hall meetings.
Cheney on Tuesday targeted this week as a pivotal opportunity to increase Senate support before Congress returns on Sept. 14.
For both of the editorials, use the resource links.
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