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News Now

Washington
Snowe CUs play role of economic anchor
WASHINGTON (2/26/10)—Maine credit unions help to play a “pivotal role in being the economic anchor of their communities,” said Sen. Olympia Snowe (R-Maine), during a congressional breakfast sponsored by the Maine Credit Union League Tuesday on Capitol Hill. Snowe joined her Maine colleagues, Sen. Susan Collins (R-Maine) and Democratic Reps. Chellie Pingree and Mike Michaud, to meet with credit union representatives and commend them for their work. The event was held by the league in conjunction with the Credit Union National Association’s Governmental Affairs Conference in Washington, D.C., this week. Member business lending was one of the topics Maine delegates discussed. Collins and Snowe are original co-sponsors of the bill. Lifting the MBL cap “can make all the difference. It is long overdue and clearly it is something that needs to get done. It will have a profound impact on lending,” Snowe said. Collins agreed. “I know Maine’s credit unions will take advantage of member business loans to provide more loans to the business community,” she said. She also commended Maine credit unions for collecting donations to help victims of the Haiti earthquake. “No matter what the need is, Maine credit unions answer the call.” Rep. Mike Michaud (D-Maine) expressed his support for raising the MBL caps, and said it’s very important for credit unions to lend more to small businesses to create competition between them and banks. “Thanks to credit unions for all you do, and I look forward to working with all of you to get the economy moving,” he said. Credit unions are one place that people can walk in and still see a friendly face, Pingree said. “I know what an essential role you play.” She also spoke of the significance of credit unions who visit their representatives to tell their stories. “As a freshman member [of Congress], I can say that the most important thing in our visits are people who come to visit us,” she said. “Tell us your stories. It makes it more real for us and helps us move forward with legislation.” The meeting was one of many that thousands of credit union representatives held with their constituents coinciding with the conference.


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