Secretary of State Ritchie Meets With MnCUN, CU Reps
Contact: Kelli Baxter
Nov. 4, 2011
(800) 477-1034, (651) 288-5503
ST. PAUL, Minn. – Highlighting the importance of offering small businesses greater access to credit, several Twin Cities credit union representatives and members of the Minnesota Credit Union Network (MnCUN) met with Secretary of State Mark Ritchie on Nov. 1.
While the group discussed several credit union topics, the spotlight was on member business lending (MBL) and the Small Business Lending Enhancement Act, which would raise credit unions’ cap on lending from 12.25 percent of assets to 27.5 percent. Secretary Ritchie told the group he remains committed to helping strengthen small businesses in the state and has written numerous letters to members of the Congressional Delegation asking for their support of MBL legislation.
It is estimated that with the ability to offer more small business loans, Minnesota credit unions could inject $181 million into the state’s economy and help create nearly 2,000 jobs.
“By working together with state officials such as Secretary Ritchie, we are able to garner more support for legislation affecting credit unions, like member business lending,” said Mara Humphrey, MnCUN Vice President – Governmental Affairs. “These meetings are an important piece in strengthening the relationships with key officials and advancing the credit union movement.”
Along with the importance of increasing lending capacity, the group also discussed about the fact that 2012 has been designated as the International Year of Cooperatives and MnCUN’s upcoming publicity efforts. Minnesota is the largest cooperative state, which means it plays an important role in promoting the benefits of cooperatives such as credit unions.
Additionally, the group met with Sen. Tom Bakk (DFL-Cook) and the DFL Senate caucus to discuss the upcoming legislative session, the budget deficit and redistricting. Other caucus meetings are set for later this month.
The Minnesota Credit Union Network is an organization representingthe state’s 144 not-for-profit cooperative credit unions servingmore than 1.5 million member-owners in Minnesota.
For more information, visit www.mncun.org.