At recent gathering with Minnesota legislators, raising the member business lending cap was among the topics up for discussion.
The Minnesota Credit Union Network hosted the Sept. 27-28 meetings with Rep. 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%.
Speaking at the $104 million Accentra Credit Union 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 MBL during a meeting with Klobuchar at the $1.3 billion Affinity Plus Federal Credit Union 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 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.