CUNA President/CEO Bill Cheney posted a column to Huffington Post on July 19 asking Congress to stop listening to the banks. Cheney lays out the argument that listening to credit unions on the member business lending (MBL) issue will provide $13 billion of capital for small businesses and help create more than 140,000 new jobs. He writes that many members of Congress agree, however he points out that many don't, won't or can't make up their minds.
Cheney writes, "Unfortunately, many of those are likely confused by the banks' bombast. Their top lobbyist, Frank Keating (president of the American Bankers Association), says that as they try to address the federal budget deficit, it would be "unconscionable" for Congress to add to it by giving more power to credit unions.
Unconscionable? Really? In what universe is it reasonable, moral or commendable to listen to -- and act on the recommendations of -- an industry that offers roadblocks, rather than solutions, to getting our economy back on track?"
And this from an Association that represents institutions requiring billions of dollars in taxpayer bailout assistance."
The article ends with Cheney one more time asking for support to raise the MBL cap, "Sound like a no brainer? Join the credit unions in support -- especially if you are a small business owner. Urge your senators to listen to the credit unions -- the ones with the plan for helping small business and our nation's economic recovery."