Thursday, March 10, 2011 1:10:00 PM
WASHINGTON - CUNA is asking credit union backers nationwide to urge their respective senators to back the Small Business Lending Enhancement Act (S.509), legislation that would raise the credit union member business lending (MBL) cap to 27.5% of assets.
The legislation was introduced by Senator Mark Udall (D-Colo.) on Tuesday.
MBL legislation was introduced last year, and while it had significant bipartisan support from both legislative bodies, it did not make its way to President Obama's desk to be signed into law.
CUNA President/CEO Bill Cheney commented on the bill's re-introduction noting that while economic conditions may be improving, "the nation is still in need of more jobs, and small businesses are still in search of affordable and accessible options for capital. Credit unions can help on both fronts."
"Raising the statutory cap is a no-cost way to free credit unions to do more of what they are doing now: making safe and responsible loans to help their members start or grow their small businesses," Cheney added.
Congressman Ed Royce (R-Calif.) last week told attendees at CUNA's Governmental Affairs Conference that he intends to introduce his own MBL cap legislation in the House.
New Jersey credit union professionals, volunteers and members are urged to visit NJCUL's Web site where they can easily send a pre-drafted email or letter to Senator Frank Lautenberg (D) and Robert Menendez (D). Senator Menendez serves on the Senate Banking Committee, a key weigh-station for the bill.
The NJCUL Online Grassroots Action Center is available at: http://www.capwiz.com/cuna/nj/home