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News Now

CU System
Governor commends Iowa CUs on biz lending
DES MOINES, Iowa (2/17/11)--Iowa Gov. Terry Branstad commended Iowa credit unions for offering business loans at a time when other financial institutions are pulling back during the Iowa Credit Union League’s (ICUL) annual Legislative Conference on Tuesday in Des Moines. More than 100 Iowa credit union representatives convened to learn more about the legislative issues affecting the credit union industry and interact with their legislators. Branstad noted that from 2007 through 2010, Iowa credit unions increased member business lending (MBL) by 54% while Iowa banks decreased business lending by 7.9%. “Credit unions are part of the solution in creating and sustaining jobs in our state,” Branstad said. Credit unions’ MBL cap, which currently stands at 12.25% of total assets, could be raised as high as 27.5% if Credit Union National Association (CUNA)-backed legislation that was offered by Sen. Mark Udall (D-Colo.) is reintroduced this year and passed into law. CUNA has estimated that the MBL cap increase would add $10 billion in new funds into the market, at no cost to taxpayers, and create 108,000 new jobs. Attendees also heard from Iowa Economic Director Debi Durham, Iowa Attorney General Tom Miller, state Sen. Jeff Danielson (R-11) and state Rep. Chuck Soderberg (R-3). Danielson and Soderberg praised the credit union industry’s sustainable, community-oriented business and leadership model.


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