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June 15, 2011

NAFCU to Hill on MBL, Dodd-Frank

June 16, 2011 – Representatives for NAFCU are set to testify in Senate and House committee hearings today in support of a credit union member business loan cap lift and relief from an expected surge in regulatory burden under the Dodd-Frank Act.

NAFCU Chair Mike Lussier, president and CEO of Webster First FCU in Worcester, Mass., will testify in support of an MBL cap lift during a 10 a.m. hearing of the Senate Banking Committee. NCUA Chairman Debbie Matz will also testify, along with representatives from CUNA, the American Bankers Association and the Independent Community Bankers of America.

Across the Hill, Mark Sekula, executive vice president and chief lending officer for Randolph-Brooks FCU, a NAFCU member institution in Live Oak, Texas, will be speaking before the House Small Business Subcommittee on Economic Growth, Capital Access and Tax. Sekula will discuss the Dodd-Frank Act's impact on credit unions' regulatory burden and their ability to serve the credit needs of member small businesses. The ABA and ICBA will also testify.

The MBL hearing will focus on S. 509, a bill introduced by Sen. Mark Udall, D-Colo., to allow an MBL cap up to 27.5 percent of an eligible credit union's total assets, in accordance with safety-and-soundness rules to be promulgated by NCUA. The House hearing will focus on the regulatory structure for financial institutions under the Dodd-Frank Act and which new rules will have the greatest impact on small financial institutions and small-business lending.