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Florida adds another co-sponsor to MBL bill

Rep. Corinne Brown (D-FL) became the third member of the Florida House delegation in the last two weeks to sign on as a co-sponsor the HR 3380. The bill, Promoting Lending to America's Small Businesses Act of 2009, is sponsored by Rep. Paul Kanjorski (D-PA) and Rep. Ed Royce (R-CA). Currently 89 members of the House have signed on as co-sponsors. That includes Rep. Brown, Rep. Alan Grayson (D-FL) and Rep. Gus Bilirakis (R-FL) who have signed on since the CUNA GAC in February. These three join Rep. Kathy Castor (D-FL) as the members of the LSCU delegation lending their name to the legislation. HR 3380 would lift the current credit union member business lending cap from 12.25 percent to 25 percent. LSCU President/CEO Patrick La Pine sees the legislation picking up steam on Capitol Hill.

"We continue to garner co-sponsors for HR 3380, which means our delegation clearly sees the best road to recovery will be through small business growth in Florida. Our delegation recognizes that credit unions can play a key part in this recovery, if the cap were raised."

CUNA estimates that as much as $10 billion dollars can be infused into the small business marketplace if the cap were raised. That could equate to as many as 108,000 new jobs created.