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Calif. league CEO urges lifting MBL cap in article
ONTARIO, Calif. (12/16/09)--Bill Cheney, president/CEO of the California Credit Union League, recently told a California newspaper credit unions’ member business lending caps should be lifted so they can help small businesses. Credit unions cannot lend more than 12.25% of their assets. The California league participated in a congressional lobbying effort urging lawmakers to approve proposed legislation that would raise the caps (The Inland Valley Daily Bulletin Dec. 10). The effort was part of the Credit Union National Association’s national Hike the Hill visits by credit unions to their congressional delegates. By lifting the cap, “we conservatively estimate that this can create 108,000 jobs nationally (the first year) without any cost to the taxpayer,” Cheney told the newspaper. He added: “We’re getting a lot of positive response from lawmakers.” Many banks are not lending to small businesses, which Cheney said he isn’t criticizing. However, he pointed out that there should be other alternatives to help businesses. Arrowhead CU, San Bernardino, Calif., has run up against its business loan cap. Raising the caps could increase the credit union’s business lending from $100 million to $200 million, said Jon Parks, Arrowhead CU vice president of business development.
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