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Realtor group pens its support of MBL cap lift
WASHINGTON (3/8/10)--The National Association of Realtors last week joined the growing chorus of supporters urging a lift of the credit union member business lending cap by strongly urging congressional representatives to "follow the lead" of Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) and increase "the ability of our nation's credit unions to make commercial loans and provide much needed financial support to our fragile economy." In a letter that was delivered to all House members, the NAR specifically spoke up in support of H.R. 3380, which would increase the current MBL cap of 12.25% to 25% of a credit union’s total assets and raise the “de minimis” threshold for MBLs to $250,000. The NAR was one of several business organizations included in a dear colleagues letter sent earlier this week by Reps. Ed Royce (R-Calif.) and Paul Kanjorski (D-Pa.). The legislators, along with 58 fellow congressional representatives, also last week urged House leaders Nancy Pelosi (D-Calif.) and John Boehner (R-Ohio) to include member business lending provisions in any potential job creation packages that pass through the House in the near future. Current estimates predict a total of 90 co-signors for any potential MBL legislation. CUNA has also advocated for lifting the MBL cap through grassroots action as well as House and Senate testimony in recent weeks, and late last month directly discussed MBLs and other credit union issues with U.S. Treasury Secretary Tim Geithner and other high-ranking Treasury officials.
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