Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
As House aids bank lending MBL cap lift remains option
WASHINGTON (6/18/10)—A government-backed $30 billion fund that would ease the ability of small banks to lend to customers who own small businesses inched one step closer to becoming law on Thursday. The House bill, which would provide funds that small community banks could then use to lend to small businesses, passed by a 241-182 vote. It is not entirely clear where that $30 billion in funding would come from. The Credit Union National Association (CUNA) and a growing list of backers, including the U.S. Treasury, Rep. Paul Kanjorski (D-Penn.), and Sen. Mark Udall (D-Colo.), have posited that the current lending crunch could be eased by lifting the 12.25% of assets cap on credit union member business lending. Both Udall and Kanjorski have prepared separate bills that would increase the MBL cap, and Kanjorski’s bill continues to enjoy strong support in the House. The Treasury also recently proposed lifting the MBL cap to as high as 27.5% of total assets, and Rep. Barney Frank (D-Mass.), who chairs the House Financial Services Committee, has said that that committee would soon take up the topic of MBLs. CUNA has estimated that lifting the MBL cap to 25% of a credit union's assets would create over 100,000 new jobs and inject over $10 billion in funds into the economy, at no cost to taxpayers.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
6 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
6 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
9 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
10 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
11 hours ago