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News Now

Washington
Pres. candidate Perry backs MBLs reduced regs in Iowa speech
DES MOINES, Iowa (9/19/11)--Credit unions that serve small businesses need to be freed up to help revive Main Street, and need to see the member business lending cap raised, Texas Governor and current Republican presidential nomination candidate Rick Perry said on Friday.
Click to view larger imageTexas Governor Rick Perry (left), who is currently a top Republican presidential nomination candidate, is greeted by Iowa Credit Union League (ICUL) President Pat Jury (right) as Perry takes the stage to speak to 250 attendees of the ICUL's 2011 Convention. Perry noted that small business owners are “being strangled” by tight credit as small businesses continue to have a hard time getting credit from large national banks. (ICUL Photo)
The governor’s remarks came as his fellow contender for the Republican nomination, Mitt Romney, discussed MBLs with a credit union leader at an Arizona business roundtable. Perry spoke before 250 attendees of the Iowa Credit Union League’s 2011 Convention. In his remarks, Perry noted that business owners are “being strangled” by tight credit as small businesses continue to have a hard time getting credit from large national banks. Perry also addressed his support of credit unions in his home state, noting that Texas credit unions “generate three-quarters of a billion dollars in salaries, employ 18,000 workers and provide billions of dollars in capital for families and businesses.” Protecting credit unions’ tax status is vital to “protecting their important economic investments,” Perry added. The governor also said he supports and end to financial “overregulation.” “Do we need protections? Yes. But overregulation has to end,” he said, adding that repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act is high on his list of priorities. Iowa Credit Union League President/CEO Patrick Jury said the league was “very pleased to hear Governor Perry's support for raising the member business lending cap,” and added that MBL cap lift legislation “is a common sense solution that should be advanced by this Congress. “Hopefully, the attention provided to the issue by Governor Perry today will aid in growing bi-partisan support for the issue,” he added. Another Republican presidential contender, former Massachusetts Governor Mitt Romney, recently said he would look into the MBL issue himself. The Arizona Credit Union League reported that Romney discussed the MBL issue with Vantage West CU President/CEO Bob Ramirez at a local business roundtable held last week in Tucson, Ariz. The Credit Union National Association (CUNA) has estimated that lifting the 12.25% of assets cap on credit union member business lending to 27.5% of assets would inject $13 billion in new funds into the economy, creating 140,000 new jobs in the first year after enactment. House and Senate bills that would lift the cap remain active, and CUNA and legislators have urged President Barack Obama to include an MBL cap lift in his job creation plans.


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