A group of college students delivered a message of support for lifting the cap on member business lending at a stop in Madison, Wis., this week where they were met by local political leaders and credit union and cooperative officials.
The cross-country cyclists arrived Monday at the doorstep of CUNA Mutual Group’s Credit Union Center campus on a trip aimed at promoting MBLs and creating an awareness of the growing cooperative and credit union movements.
The group began their cycling journey in San Francisco and will end the trip in Amherst, Mass. on Sept. 1.
The 14 students belong to a project called “Co-cycle,” which includes members from various colleges around the country, most of them from the East Coast. The group arrived in Madison with a film crew from New York University documenting the cross country voyage.
The students presented a certificate of support to Wisconsin Credit Union League and Credit Union National Association representatives on behalf of the U.S. Federation of Worker Cooperatives announcing their endorsement of MBL legislation for credit unions.
Credit unions have been unable to increase MBLs due to legislation that passed in 1998 restricting the amount credit unions can lend. Credit union advocates have asked Congress to pass legislation eliminating the cap.
Jill Tomalin, senior vice president, CUNA, said credit unions have $13 billion available in lending. If MBL legislation is passed, credit unions could help small businesses create more than 140,000 jobs nationwide and roughly 4,400 in Wisconsin in the first year, the bill’s advocates said.