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Washington
CUNA league to begin MBL push anew over recess
WASHINGTON (8/9/10)--With both bodies of Congress away on their yearly summer recess this month, the Credit Union National Association (CUNA) is encouraging credit union backers to urge their senators to support pending member business lending (MBL) legislation. Credit unions can expect to be contacted by their respective leagues as CUNA and the leagues organize in the coming weeks. The focus of MBL advocacy will be Sen. Mark Udall’s (D-Colo.) recently introduced legislation that would lift the current cap on MBLs. Udall’s legislation would increase credit union business lending authority to 27.5% of total assets, up from the current 12.25% cap. As Udall has noted on the Senate floor, CUNA estimates that more than $10 billion in credit could become available if the MBL cap were lifted, even if just to 25%. The statutory change would also serve to add 108,000 jobs into a struggling market. CUNA and Udall were aiming to include the MBL legislation as part of a small business jobs package, but the jobs legislation will not see action until Congress returns in September. While the small business legislation may have ultimately become a victim of politics, credit unions have received attention and recognition on Capitol Hill, and CUNA will be back at the first opportunity to finish the job, CUNA Senior Vice President of Legislative Affairs John Magill said recently.


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