Wednesday, September 28, 2011 11:08:00 AM
WASHINGTON - Credit union member business lending, and the potential benefits that lifting the MBL cap could provide for an ailing economy, will be front and center at a House Subcommittee on Financial Institutions & Consumer Credit hearing next month.
CUNA and credit unions continue the push to garner additional support for H.R. 1418 and S. 509, both of which would lift the MBL cap to 27.5% of assets. The MBL cap lift bills have been suggested as one small piece that could be added to the Obama Administration's larger plan to reinvigorate the ailing economy.
CUNA President/CEO Bill Cheney this month also encouraged members of the House Subcommittee on Capital Markets & Government-Sponsored Enterprises to add MBL reform to any discussion on capital creation. He also raised the issue at a meeting last week with Deputy Treasury Secretary Neil Wolin.
The House bill has 61 co-sponsors, including Representatives Andrews (D-1), Holt (D-12), and Pallone (D-6) from New Jersey. Neither New Jersey senator has joined their 21 colleagues to sign-on the bill in the upper house.
Credit union leagues and representatives from individual credit unions are working to gather even more congressional backing for MBL reform. The NJCUL is issuing a renewed Call-to-Action, next month will join some 500 credit union representatives from more than 20 states making Hill visits, and scheduled a breakfast forum with Congressman Jon Runyan (R-3), the newest members of N.J.'s delegation.
Anyone interested in attending the breakfast with Congressman Runyan at Forsgate Country Club on Monday, October 17 should email Mary Zelinsky at email@example.com.
Anyone interested in participating in the League's Hike-the-Hill on Tuesday, October 18 should email Chris Abeel at firstname.lastname@example.org.