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Washington
CUNA MBLs mean greater choice for small business
WASHINGTON (5/19/11)—Credit Union National Association (CUNA) President/CEO Bill Cheney cited National Small Business Week as another opportunity to emphasize to Congress that it needs to lift the credit union member business lending cap to give small businesses greater affordable financing options. Cheney made the points in a Wednesday op-ed column for The Daily Caller, a news and opinion website founded by Tucker Carlson, a 20-year veteran of print and broadcast media, and Neil Patel, former chief policy adviser to Vice President Cheney. Cheney in the column noted that Congress’s focus during National Small Business Week, which runs until May 20, should be on “what is best for America’s small businesses.” “And what’s best is choice,” Cheney added. Cheney noted that banker opposition has been the “stumbling block” to advancement of credit union small business lending legislation — “which, should it pass, would still barely dent the banks’ dominant share of the market.” CUNA has supported House and Senate legislation that would lift the current MBL cap to 27.5% of total assets. Lifting the MBL cap would, according to CUNA estimates, generate $13 billion in new small business loans over the first year, creating 140,000 new jobs at no expense to taxpayers. H.R. 1418, MBL cap lift legislation that was introduced by Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) last month, currently has 25 cosponsors. Sen. Mark Udall’s (D-Colo.) S. 509 was introduced earlier this year and has 18 cosponsors. Cheney noted that CUNA surveys have found that two-thirds of voting-age consumers agree that credit unions should be making more small business loans to help stimulate the economy and create jobs. He added that “a broad-based coalition of small business groups also supports [the MBL] legislation,” with the National Small Business Association, the National Association for the Self-Employed, the National Association of Realtors, the National Association of Manufacturers, and the League of United Latin American Citizens counting among those groups. For the full column, use the resource link.
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