CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • 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 » Cheney: Drive Home MBL Message During Senate Recess
Lending

Cheney: Drive Home MBL Message During Senate Recess

Encourage Congress to support the Udall amendment.

August 11, 2010
No Comments

The Senate’s five-week recess presents the perfect opportunity to drive home the message that legislators should support Sen. Mark Udall’s (D-Colo.) amendment to the Small Business Lending Fund Act, CUNA President/CEO Bill Cheney said Wednesday.

The amendment would raise the cap on credit union member business lending (MBL) from 12.25% of assets to 27.5%.

MBL Talking Points

CUNA advises credit unions to raise these talking points when asking senators to support the Udall amendment to the Small Business Lending Fund Act:

  • Credit unions can lend $10 billion to small businesses, helping to create 108,000 jobs, if Congress increases the statutory business lending cap;
  • Small businesses are experiencing difficulty in obtaining credit from banks;
  • Credit unions have a history of making business loans—they’ve done so since the early 1900s, most of the time with no limits on the volume of business loans they could originate or hold;
  • Credit union MBL loss rates are a fraction of commercial loan loss rates at commercial banks;
  • Credit union business lending has grown 15% over the past year while bank business lending has decreased 11%;
  • Congressional action is needed for credit unions to continue serving small business members; and
  • Raising the MBL cap represents economic stimulus that costs taxpayers nothing and does not expand the size of government.

“We have an opportunity now, thanks to Sen. Udall and others during this crucial period, to move this issue forward and get a victory for credit unions,” Cheney said. “This recess is a great opportunity to reach senators at home in their town hall meetings and campaign events, and talk to them about supporting credit unions.”

When the recess ends, Cheney added, the Senate will complete its consideration of the Small Business Lending Fund Act—which would give banks $30 billion in Troubled Asset Relief Program funds to loan to small businesses.

“It’s absolutely critical that we take action now to move this legislation forward,” he said. “We need to build support in the districts these senators serve. We need to make the case for helping small businesses and supporting credit unions.”

Cheney urged credit unions to build support for the Udall amendment from both Republicans and Democrats. “We need to contact all 100 senators. If they’re a co-sponsor to the [business lending bill], we need to thank them. And we need to ask those who aren’t co-sponsors to indicate their support.”

Subscribe to Credit Union MagazineHe also called on credit unions to spread the MBL message to the media by sending letters to the editor, meeting with editorial boards, and pitching stories to local reporters.

“When you lay out the facts,” Cheney noted, “you often get the reaction we did on Fox News a couple weeks ago: Why would anyone oppose this? If you’re going to approve $30 billion for banks, why would you oppose credit unions lending $10 billion and creating 108,000 jobs?”

Cheney called Sen. Udall “a true champion” in his effort to help small businesses by expanding the MBL cap. “Let’s get this thing done.”

• Check out Cheney's blog entry on the Huffington Post regarding MBLs

KEYWORDS business cheney udall
  • Related Articles

    'Put a Pulse' to Every Loan

    CUNA's Schenk drives home holiday spending message in Bankrate podcast

    Cheney: Act Now on MBL Bill

Post a comment to this article

Report Abusive Comment

Subscriber Exclusives Break-through branding

Break-through branding: Build an emotional connection

When Elevations Credit Union expanded into two new counties, senior leadership set out to tell its story in a bold, fresh way.
How technology transforms marketing

How technology transforms marketing

Artificial intelligence improves member conversions, engagement, and retention.
Analytics drives journey toward data nirvana

Analytics drives journey toward 'data nirvana'

Data analytics can provide the 'oh wow' moment of discovering member behavior.
Subscribe Now

Trending

  • It's time to expand our cooperative principles

  • Compliance: Checklist consolidates final rules, regs from 2018

  • Change is unconventional

Tweets by CUNA_News

Polls

Who should be the 2019 Credit Union Hero of the Year?

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

Resources for

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