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News Now

Washington
NEW NCUA strongly endorses increased MBL authority
ALEXANDRIA, Va. (UPDATE 7/13/10, 11:15 a.m ET)—The National Credit Union Administration (NCUA) today urged the U.S. Congress to pass a zero-cost “stimulus for America’s small businesses” by increasing the statutory limit on credit union member business lending. “There has never been a better time, or a better opportunity, to move the economy forward," said Chairman Debbie Matz in a release. “Congress now has an opportunity to increase the ability of credit unions to lend to small businesses, and in doing so empower credit union members to create more jobs and spur economic growth. “Credit union member business lending, when done in a safe and prudent manner that includes appropriate regulatory safeguards, can be of significant benefit to a small business community that is too often limited in their access to credit,” Matz said in her call to action on MBL legislation. The U.S. Senate is expected to resume work today on the Small Business Lending Fund Act (H.R. 5297) and begin voting on possible amendments. Sen. Mark Udall (D-Colo.) has introduced an amendment to increase the credit union MBL cap to 27.5% of total assets, up from the current 12.25%. The Credit Union National Association (CUNA) and credit unions have led a sustained grassroots push for MBL legislation, and have amplified their efforts to garner bipartisan support for the Udall provision in advance of a vote. H.R. 5297 is the bill that would allocate $30 billion for community banks to try to stimulate increase lending by those institutions to small businesses. CUNA has underscored that an MBL increase would carry no cost to taxpayers, but could infuse $10 billion of credit into small business and create more than 100,000 jobs.


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