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MnCUN hosts in-districts meeting with lawmakers
AUSTIN and ST. PAUL, Minn. (10/4/11)--The Minnesota Credit Union Network (MnCUN) held two meet-and-greet events with legislators in late September.
Click to view larger image The Minnesota Credit Union Network (MnCUN) held two in-district meetings with federal legislators in late September. During a meet-and-greet on Sept. 27, U.S. Rep. Tim Walz (D-Minn.) (center) discussed member business lending and other issues with credit union representatives.
The in-district meetings with U.S. Rep. Tim Walz and Sen. Amy Klobuchar, both Democrats, helped credit union representatives to build on the momentum gained during MnCUN’s September Hike the Hill, according to MnCUN. The meet-and-greet series kicked off Sept. 27 when MnCUN and credit union leaders met with Walz at Accentra CU in Austin. Attendees received a brief congressional update from the Walz, who provided insight into the federal budget debate. The conversation also focused on the Small Business Lending Enhancement Act (H.R. 1418 and S. 509), which would increase credit unions’ member business lending (MBL) authority to 27.5% of total assets from the current 12.25%. Emphasizing the importance of increasing the availability of credit, Walz said small businesses are struggling to obtain loans. Credit unions also stressed MBL during a meeting with Klobuchar on Sept. 28 at Affinity Plus FCU in St. Paul. The group highlighted the potential benefits the legislation could have on the Minnesota economy.
Click to view larger image As part of a legislative meeting on Sept. 28, from left, Sen. Amy Klobuchar discussed credit union issues with Kyle Markland, president/CEO of Affinity Plus FCU, St. Paul. (Photo provided by Minnesota Credit Union Network)
In the addition, the discussion focused on the compliance and regulatory burden of the Dodd-Frank Wall Street Reform & Consumer Protection Act. Attendees provided Klobuchar insight into the time and resources credit unions are dedicating to comply with new regulations related to the act. Also, credit union representatives emphasized that despite increased regulations and the potential ramifications of the debit interchange amendment, credit unions remain dedicated to keeping fees low for consumers. The Credit Union National Association and credit unions are pressing Congress to increase credit unions' MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.


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