Heartland Institute Points Out Need for Lifting Small Business Lending Cap
Credit unions’ efforts to lift the arbitrary, government-imposed limits on credit union business lending is getting the support of the Heartland Institute. A Huffington Post blog by Eli Lehrer of the Heartland Institute addresses how lifting the member business lending (MBL) cap on credit unions would help small businesses gain access to capital and allow Republicans to play a role in eliminating a burdensome regulation.
The article states:
“Banks already control about 94 percent of the depository institution marketplace and don't want more competition from credit unions. Moreover, opposition to credit unions provides a common cause that keeps small banks that compete directly with credit unions in the same trade organizations with big ones. Thus, big banks, small ones, and their trade organizations have managed to prevail over credit unions' efforts to get the cap lifted. The process creates jobs for lobbyists and preserves profits for banks, but it doesn't do much good for the country or the small businesses that everyone on both sides of the aisle claims to support.”
To read more, click here. The article is posted on the Missouri Credit Union Association’s Facebook page, and can be shared on individual and credit union Facebook pages.