WASHINGTON (7/30/13)--Credit Union National Association President/CEO Bill Cheney has encouraged President Barack Obama to "include authority for credit unions to provide more credit to small businesses, which will create at least 140,000 jobs in the first year in communities across the country without the expenditure of a single tax dollar" in any legislative jobs package his administration develops.
Cheney made his remarks in a Friday letter to Obama, and that letter is one of many items addressed in this week's CUNA Regulatory Advocacy Report. The administration is again focusing on the economy, and the CUNA CEO in his letter noted that many of the administration's economic goals can be accomplished through America's credit unions, "which community-by-community nationwide stand ready to help" middle-income families and others."
Separate House (H.R. 688) and Senate (S. 968) member business lending (MBL) bills were also introduced earlier this year. Both bills would increase the MBL cap from 12.25% of assets to 27.5%. CUNA has estimated that lifting the MBL cap would create 140,000 jobs and inject $13 billion in new funds into the economy, at no cost to taxpayers. Both bills enjoy bipartisan support. H.R. 688 has 109 co-sponsors, and S. 968 is co-sponsored by 16 senators.
These bills, Cheney stressed, "would permit credit unions with experience in business lending to continue to lend to their small business members." The CUNA letter also called attention to the fact that the U.S. Treasury, under former Secretary Tim Geithner, worked with the National Credit Union Administration to develop MBL legislation.
"This [legislation] would create jobs in small businesses that form the core of the American middle class through increased access to credit," CUNA pointed out.
The Regulatory Advocacy Report also features details on:
For CUNA's letter to President Obama and this week's Regulatory Advocacy Report, use the resource links.