During CUNA's Governmental Affairs Conference last week in Washington,nearly 100 credit union representatives from across Minnesota askedmembers of Congress to support raising the member business lendingcap because it will help businesses grow and create new jobs.

“Minnesota credit unions are eager to fulfill the lending needsof their business-owning members. They want to do their part tohelp boost the economy,” said Mara Humphrey, vice president forgovernmental affairs at the Minnesota Credit Union Network.

In Minnesota, credit unions could lend nearly $193 millionin 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 totaxpayers, the MnCUN said.

Credit unions have a sound track record when it comes tobusiness 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 unionrepresentatives asked members of Congress to reduce regulatoryburdens on credit unions. The CU grassroots group stressed thatevery dollar a credit union spends on regulatory compliance is adollar that is not being used to benefit its members.

“We appreciate the participation of our credit unions in thisimportant advocacy event,” Humphrey said. “Personal interactionwith our elected officials is the best way to keep credit unions atthe forefront of our legislators' minds as they deliberateimportant issues. We appreciate the opportunity to remind them thatcredit unions are the preferred, trusted financial institutions formore than 1.5 million Minnesotans.”

In preparation for legislative visits, Minnesota's credit unionrepresentatives attended a luncheon in the Dirksen Senate OfficeBuilding, with guest speaker Sen. Amy Klobuchar (D-Minn.).

Expressing her affinity for credit unions, Klobuchar thankedattendees for their recent and ongoing work to stabilize theeconomy.

“I understand the value that credit unions bring to the state ofMinnesota,” she told the group.