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FOR IMMEDIATE RELEASE
April 18, 2013

NAFCU Applauds Rep. Maloney's Introduction of MBL Cap Lift for Disaster Assistance

Washington - The National Association of Federal Credit Unions (NAFCU) applauded Rep. Carolyn Maloney, (D-N.Y.), and cosponsors Carolyn McCarthy (D-N.Y.) and Michael Grimm (R-N.Y.) for introducing legislation that would exempt credit unions from the statutory member business lending (MBL) cap after federally-declared natural disasters in their areas.

"NAFCU appreciates Reps. Maloney, McCarthy and Grimm, as well as their staffs, for their efforts on this common-sense initiative which would allow credit unions to better serve their members during challenging disasters," said Brad Thaler, NAFCU vice president of legislative affairs. "Lifting the member business lending cap is a key tenet of NAFCU's comprehensive five-point plan for regulatory relief. We look forward to working to help this legislation become a reality."

Maloney's bill would remove the MBL cap for a period of up to five years in a disaster-declared area, allowing credit unions to lend above their 12.25 percent-of-assets cap on loans to member small businesses.

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Contact:Patty Briotta | 703-842-2820 | pbriotta@nafcu.org