CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Reps. Bonamici, Haaland, Young call for increase to MBL cap
Policy & Issues

Reps. Bonamici, Haaland, Young call for increase to MBL cap

April 17, 2020
Cap1

Reps. Suzanne Bonamici (D-Ore.), Deb Haaland (D-N.M.), and Don Young (R-Alaska) led 62 of their colleagues in calling on House leadership to remove restrictions on credit unions that prevent them from fully serving small businesses in their communities during the coronavirus disease (COVID-19) pandemic.

CUNA President/CEO Jim Nussle thanked the representatives for their support.

“This letter will ensure that credit unions can be there for small businesses looking to get back to work helping Main Street communities quickly recover from this unprecedented crisis,” he said. “We thank Reps. Bonamici, Haaland and Young for their leadership in this crucial bipartisan effort.”

The bipartisan group requested that the next coronavirus response package increase the arbitrary cap that prevents credit unions from lending to more of their small business members. Currently, the member business loan (MBL) cap restricts credit union business lending to 12.25% of assets.

“Small businesses and communities around the country are suffering and need access to relief quickly,” the legislators wrote. “As you continue your work to provide funding and resources to our small businesses, we encourage you to remove longstanding barriers that prevent credit unions from fully serving their communities… Increasing the cap, or removing it entirely, comes at no direct cost to the taxpayer and would allow local credit unions to effectively and efficiently unleash more capital to provide more loans to their small business members.”

KEYWORDS coronavirus
Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • 5 fraud predictions for 2021

  • CUNA sends recommendations to incoming Biden administration

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors