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News Now

Washington
MBL amendment deadline is Sept. 13
WASHINGTON (8/10/10)--Though another segment the 2010 congressional session effectively ended on Friday, the Credit Union National Association's (CUNA) push for increased member business lending (MBL) authority will continue, as amendments to a pending small business jobs bill may be offered when the U.S. Senate reconvenes on Sept. 13. Members of the U.S. House will return briefly to vote on funding items and other unfinished business this week, but after that, the legislators will return to their districts until early September. As the legislators campaign in their respective districts, CUNA, the leagues, and credit unions will meet with lawmakers on their home turf to discuss the benefits to the economy and to small businesses of lifting the credit union MBL cap. CUNA Director of Grassroots Advocacy Elizabeth Kangas said that credit unions will use the long recess to push the Senate on MBLs and can "lay the ground work" for MBLs to be considered in September "by being present at every opportunity and continuing to engage small businesses." CUNA has been working to get an MBL amendment, which would lift the current 12.25% cap to 27.5% of a credit union's assets, added to the small business jobs bill, but the Senate recessed before taking final votes on the bill. National Credit Union Administration (NCUA) Chairman Debbie Matz last week again publicly backed the MBL increase. In remarks published in the St. Louis Post Dispatch on Aug. 8, Matz said that there is "a tremendous need" for such loans within the small business community, adding that the potential risks posed by increased commercial lending are "not an issue" if those loans are well executed. Matz earlier this year said that lifting the MBL cap could help credit unions spur future job creation and added that the NCUA would "promptly revise" its regulation "to ensure that additional capacity in the credit union system would not result in unintended safety and soundness concerns" if the MBL cap was lifted.


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