Lending

Cheney: Drive Home MBL Message During Senate Recess

Encourage Congress to support the Udall amendment.

August 11, 2010
KEYWORDS business , cheney , udall
/ PRINT / ShareShare / Text Size +

The Senate’s five-week recess presents the perfect opportunity to drive home the message that legislators should support Sen. Mark Udall’s (D-Colo.) amendment to the Small Business Lending Fund Act, CUNA President/CEO Bill Cheney said Wednesday.

The amendment would raise the cap on credit union member business lending (MBL) from 12.25% of assets to 27.5%.

MBL Talking Points

CUNA advises credit unions to raise these talking points when asking senators to support the Udall amendment to the Small Business Lending Fund Act:

  • Credit unions can lend $10 billion to small businesses, helping to create 108,000 jobs, if Congress increases the statutory business lending cap;
  • Small businesses are experiencing difficulty in obtaining credit from banks;
  • Credit unions have a history of making business loans—they’ve done so since the early 1900s, most of the time with no limits on the volume of business loans they could originate or hold;
  • Credit union MBL loss rates are a fraction of commercial loan loss rates at commercial banks;
  • Credit union business lending has grown 15% over the past year while bank business lending has decreased 11%;
  • Congressional action is needed for credit unions to continue serving small business members; and
  • Raising the MBL cap represents economic stimulus that costs taxpayers nothing and does not expand the size of government.

“We have an opportunity now, thanks to Sen. Udall and others during this crucial period, to move this issue forward and get a victory for credit unions,” Cheney said. “This recess is a great opportunity to reach senators at home in their town hall meetings and campaign events, and talk to them about supporting credit unions.”

When the recess ends, Cheney added, the Senate will complete its consideration of the Small Business Lending Fund Act—which would give banks $30 billion in Troubled Asset Relief Program funds to loan to small businesses.

“It’s absolutely critical that we take action now to move this legislation forward,” he said. “We need to build support in the districts these senators serve. We need to make the case for helping small businesses and supporting credit unions.”

Cheney urged credit unions to build support for the Udall amendment from both Republicans and Democrats. “We need to contact all 100 senators. If they’re a co-sponsor to the [business lending bill], we need to thank them. And we need to ask those who aren’t co-sponsors to indicate their support.”

Subscribe to Credit Union MagazineHe also called on credit unions to spread the MBL message to the media by sending letters to the editor, meeting with editorial boards, and pitching stories to local reporters.

“When you lay out the facts,” Cheney noted, “you often get the reaction we did on Fox News a couple weeks ago: Why would anyone oppose this? If you’re going to approve $30 billion for banks, why would you oppose credit unions lending $10 billion and creating 108,000 jobs?”

Cheney called Sen. Udall “a true champion” in his effort to help small businesses by expanding the MBL cap. “Let’s get this thing done.”

• Check out Cheney's blog entry on the Huffington Post regarding MBLs

Post a comment to this story

heroes

What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive