During CUNA’s Governmental Affairs Conference last week in Washington, nearly 100 credit union representatives from across Minnesota asked members of Congress to support raising the member business lending cap because it will help businesses grow and create new jobs.
“Minnesota credit unions are eager to fulfill the lending needs of their business-owning members. They want to do their part to help boost the economy,” said Mara Humphrey, vice president for governmental affairs at the Minnesota Credit Union Network.
In Minnesota, credit unions could lend nearly $193 million in the first year if the MBL cap is raised to 27.5% of assets, creating more than 2,000 jobs in the state – at no cost to taxpayers, the MnCUN said.
Credit unions have a sound track record when it comes to business loans, and they specialize in smaller loan amounts, according to MnCUN. The average MBL loan in the state is $135,000.
In addition to the MBL issue, Minnesota’s credit union representatives asked members of Congress to reduce regulatory burdens on credit unions. The CU grassroots group stressed that every dollar a credit union spends on regulatory compliance is a dollar that is not being used to benefit its members.
“We appreciate the participation of our credit unions in this important advocacy event,” Humphrey said. “Personal interaction with our elected officials is the best way to keep credit unions at the forefront of our legislators’ minds as they deliberate important issues. We appreciate the opportunity to remind them that credit unions are the preferred, trusted financial institutions for more than 1.5 million Minnesotans.”
In preparation for legislative visits, Minnesota’s credit union representatives attended a luncheon in the Dirksen Senate Office Building, with guest speaker Sen. Amy Klobuchar (D-Minn.).
Expressing her affinity for credit unions, Klobuchar thanked attendees for their recent and ongoing work to stabilize the economy.
“I understand the value that credit unions bring to the state of Minnesota,” she told the group.