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News Now

Washington
Cheney to Obama Include CUs in economic recovery plans
WASHINGTON (9/7/10)--Credit unions can be an integral part of the Obama Administration’s plans to “do everything (it) can” to aid small businesses if the current cap on member business lending (MBL) is lifted, Credit Union National Association President/CEO Bill Cheney wrote late last week. In a letter sent to the White House, Cheney applauded the Obama administration for its commitment to small business, and reminded the administration that U.S. Treasury Secretary Timothy Geithner earlier this year publicly backed lifting the MBL cap in a letter to Congress. Geithner also encouraged the administration to include MBL language in future economically oriented legislative packages. The MBL measure “will help and should not be left off the table,” Cheney added. MBL legislation, which has been introduced into the Senate by Mark Udall (D-Colo.), would lift a credit union's total MBL cap from 12.25% to 27.5% of assets. Similar legislation, which has over 100 co-sponsors, has been introduced by Rep. Paul Kanjorski (D-Pa.) Increasing the lending cap imposed on credit unions would inject an additional $10 billion in new capital into small businesses nationwide during the first year following enactment, capital that would create over 100,000 new jobs, according to CUNA estimates. This funding would be provided at no cost to taxpayers. For the full letter, use the resource link.


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