NCBA Backs MBL Cap-Increase Bills
The letter was sent Monday on behalf of the more than 29,000 cooperative businesses in the U.S.
Bills that would increase the credit union MBL cap to 27.5% of assets, up from the current 12.25% cap, have been introduced in the U.S. House (H.R. 1418) and Senate (S.2231).
The Senate MBL legislation could be considered any day during the lame duck session. The Credit Union National Association (CUNA) has estimated that the proposed MBL cap increase could inject $13 billion in funds into the economy, creating as many as 140,000 new jobs in the first year following enactment.
These measures could bolster America's economy, put Americans back to work and give consumers more options, Beall wrote. "America's small businesses deserve more, not fewer, choices for capital to create and sustain their enterprises… As financial cooperatives, credit unions offer fairly priced, reliable credit that small businesses and consumers need," he added.