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Washington
NEW Key House members urge president to include MBLs in job stimulus
WASHINGTON (9/7/11 UPDATE 3:20 p.m. ET)--Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) sent a joint letter today encouraging President Barack Obama to include an increase in credit union member business lending (MBL) authority as he prepares to release a proposal to stimulate the economy and job creation. “During this difficult time in our economy, many small businesses require capital to stay afloat, remain competitive, and ramp up hiring. By increasing the credit union cap, we can help fill this void and create job creation without spending additional tax dollars,’ wrote the congressmen. The Credit Union National Assocation (CUNA) supports legislation in the House (H.R. 1418) and Senate (S. 509) that would, in part, increase the MBL limit to 27.5% of assets, up from the current 12.25% restriction. CUNA estimates that changing the law to allow more credit union small business lending could help employ more than 140,000 Americans and provide as much as $13 billion in new credit for small businesses in the first year after enactment. As the Royce-McCarthy letter noted, those increases would come at no cost to taxpayers. President Obama has scheduled a speech for tomorrow before a joint session of Congress and the topic of strengthening small business in America will be front and center.


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