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Schumer tells iBloombergi MBLs good in job stim bills
WASHINGTON (3/19/10)—Sen. Charles Schumer, a supporter of increasing the credit union members business lending (MBL) cap, said this week he’d like to see a cap lift included in a package of job-stimulus proposals the Senate is currently considering. In response to a question posed by a Bloomberg reporter after the Senate passed a $17.6 billion jobs bill Wednesday, Schumer said he plans to push for increased MBL authority for credit unions as a way to help stimulate the economy and hiring. In an article on Schumer and MBLs, Bloomberg quotes John Magill, senior vice president for the Credit Union National Association (CUNA), who noted that the higher cap could create more than 100,000 new jobs and bring $10 billion into the economy at no cost to the taxpayer. “More lending means more capital for small businesses, and that translates into more jobs at a time when job creation is a national priority,” Magill also said. “Given the national conversation about jobs, that is an area where credit unions can help out if we’re given the opportunity to do so,” Ryan Donovan, CUNA’s vice president for legislative affairs, added. Schumer, a New York Democrat, is among co-sponsors supporting Senate legislation to allow credit unions to make loans to their small business members up to 25% of the credit union’s assets. The cap is currently 12.25% of assets. There is a comparable bill in the House. In the article “Schumer Wants Higher Cap for Credit Union Small-Business Loans,” Bloomberg noted that “(t)housands of credit union executives and members visited Capitol Hill” in February to state their case for increased small business lending to credit union members. Hill visits are a pillar of CUNA’s Governmental Affairs Conference, held Feb. 21-25 this year. The article also noted that bank executives continue to meet with lawmakers to oppose the credit union measure.
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