Two more letters went out yesterday from NAFCU to key lawmakers urging the inclusion of language that would increase the member business lending cap.
Sent to Sen. Harry Reid (D-Nev.) and Sen. Mitch McConnell (R-Ky.) and Rep. Nancy Pelosi (D-Calif.) and John Boehner (R-Ohio), the letters contain NAFCU's justification for increasing the MBL cap.
"Given that the strength of the economy and labor force is strongly influenced by the health and well being of the small business community, lifting the arbitrary restriction on credit union's business lending ability is a common sense and cost effective way to ensure that credit worthy small businesses have the capital they need to help spur job creation," NAFCU President/CEO Fred Becker wrote.
The trade group referenced a recent NCUA letter to Treasury Secretary Timothy Geithner letting him know that the regulator would be able to handle any modification of the MBL cap, currently at 12.25% of assets cap. Legislation has been proposed to increase it to 27.5%. The Promoting Lending to America's Small Business Act of 2009 (H.R 3380) would lift the cap. Sen. Mark Udall (D-Colo.) has filed an amendment to H.R. 5297 that would do the same.