Forbes Highlights Need for MBL Legislation
Credit union representatives aren’t the only groups highlighting the need to lift the arbitrary, government-imposed member business lending (MBL) cap from 12.25 to 27.5%. Forbes.com featured the need for increased access to capital through credit unions with an article by the Small Business Authority entitled “More Business Loans, No Tax Payer Subsidy” on February 10. The article is another example of how the Credit Union National Association (CUNA), the Missouri Credit Union Association (MCUA) and other state credit union leagues are working to grow support for H.R. 1418, the Small Business Lending Enhancement Act.
Credit unions have built a coalition in support of the MBL bill with other powerful organizations such as Americans for Tax Reform, League of United Latin American Citizens, National Association of Realtors, National Small Business Association, U.S. Women’s Chamber of Commerce, and National Cooperative Business Association.
The Forbes.com publication follows a national Small Business Hike the Hill on February 7-8, where Missouri small business owner Bob Becker and West Community Credit Union President/CEO Gary Hinrichs joined 75 small business owners from across the country.
During the Small Business Hike the Hill, a news conference on Capitol Hill featured the two H.R. 1418 co-authors, U.S. Reps. Ed Royce (R-CA) and Carolyn McCarthy (D-NY). It was covered by the National Journal Daily and in American Banker, both closely read on Capitol Hill.
“This is not a credit union issue, but rather this is an American Issue,” noted Bill Cheney, CUNA CEO, during the news conference. “Credit unions have the ability and resources to create jobs, with no taxpayer expense, yet the bankers continue to fight against supporting our small local businesses.”
For more information on how your credit union can support our efforts on MBL or other key legislative efforts, please contact Amy McLard, vice president of Federal Legislative Affairs or call (314) 542-1370.