Minnesota CUs, Legislators Talk MBLs
The Minnesota Credit Union Network is the latest to host legislators to discuss industry issues including raising the member business lending cap.
The Sept. 27-28 meetings were held with Congressman Tim Walz (D-Minn.) and Sen. Amy Klobuchar (D-Minn.) The conversations focused on the Small Business Lending Enhancement Act (H.R. 1418 and S. 509), which would increase the MBL cap from 12.25% of assets to 27.5%, according to the network.
Speaking at the $104 million Accentra CU in Austin, Minn., Walz indicated that he has heard stories of small businesses that are struggling to obtain loans.
Meanwhile, credit unions continued the conversation about MBLs during a meeting with Klobuchar at the $1.3 billion Affinity Plus FCU in St. Paul. The group emphasized the importance of the business lending legislation and highlighted the potential benefits this legislation could have on the Minnesota economy, the league said.
The discussion also focused on 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 these new regulations.
Minnesota credit union representatives also emphasized that despite increased regulations and the potential ramifications of the interchange amendment, credit unions remain dedicated to keeping fees low for consumers, the MnCUN said.
The Sept. 27-28 meetings closely followed a Hike the Hill trip by Minnesota credit unions and the MnCUN to Washington.