Thaler: MBL relief will allow CUs to help more small biz

NAFCU Vice President of Legislative Affairs Brad Thaler wrote to members of a House Small Business subcommittee ahead of its hearing today on how to kick start entrepreneurship and Main Street economic recovery to reiterate the association’s call for relief for credit unions from the arbitrary member business lending (MBL) cap.

The hearing is scheduled to begin at 1 p.m. Eastern; a livestream of the hearing is available online.

In the letter sent Wednesday, Thaler noted credit unions’ participation in the Small Business Administration’s (SBA) paycheck protection program (PPP), which has “helped countless main street small businesses survive the lockdowns required by the current pandemic.”

Thaler urged the committee to consider several changes to the Federal Credit Union (FCU) Act as they begin to examine the long-term recovery of small businesses that will allow credit unions to continue to provide much-needed access to capital to their members.

 

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