WASHINGTON (8/26/11)--In an ad airing on several Alabama radio stations through Sept. 2, Terry McDaniel, owner of McDaniel Service in Florence, Ala., tells of how his credit union has “been there” for his business in the past, and could help his business now if the member business lending (MBL) cap was lifted.
“I need them again, but the Federal government is limiting the amount they can loan me,” McDaniel adds. In the ad, the Credit Union National Association and the League of Southeastern Credit Unions underscore that Alabama credit unions have money to lend and “are ready to help” small businesses in the state and “put Alabama back to work,” but are hindered by the 12.25% of total assets member business lending cap. The ad begins airing today and will run on seven radio stations in Birmingham, Dothan, Florence-Muscle Shoals, Huntsville, Mobile, Montgomery, and Tuscaloosa, Ala., until Sept. 2. Sen. Mark Udall (D-Colo.) has introduced S. 509 in the Senate and Rep. Ed Royce (R-Calif.) has introduced H.R. 1418 in the House. Both bills would increase the MBL cap to 27.5% of assets. CUNA and the leagues have encouraged credit unions and their members in all states to contact their legislators in their home-state offices during the current congressional District Work Break and urge them to support these bills. CUNA estimates that lifting the MBL cap to 27.5% of assets would inject more than $13 billion in new funds into the U.S. economy, creating up to 140,000 new jobs in the first year of the cap lift. These funds would be provided at no cost to taxpayers. For more of CUNA’s MBL cap lift advocacy efforts, use the resource link.