CUNA and NAFCU have used last week’s report that the nation’s unemployment rate had increased again to renew their push for lawmakers to raise the cap on member business lending.
The failure of Congress to pass legislation “literally leaves money on the table that could help small businesses hire those among the 9.2% of Americans actively seeking jobs,” CUNA President/CEO Bill Cheney wrote in a letter to members of the Senate.
NAFCU President/CEO Fred Becker wrote House members that “[G]iven that the strength of the economy and labor force is strongly influenced by the health and well-being of the small business community, raising 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.’’
The legislation would raise the cap on MBLs from 12.25% of assets to as much as 27.5%. Sen. Mark Udall (D-Colo.) has introduced a bill in the Senate and Rep. Ed Royce (R-Calif.) has introduced companion legislation in the House.