Excluding a provision to raise the member business loan cap would cost jobs and therefore CUNA will oppose the small business lending bill without such an amendment, CUNA President/CEO Bill Cheney wrote Senate leaders today.
If the amendment isn't included Congress would leave "$10 billion in new small business lending on the table and 100,000 new jobs uncreated,'' and CUNA "would be compelled to oppose the legislation.''
The Senate is set to resume consideration of the small business lending bill, which includes creation of a $30 billion lending funds for community banks, as early as today.
Sen. Mark Udall (D-Colo.) has introduced an amendment that would raise the MBL cap from 12.25% of assets to 27.5% of assets. It's not certain if Senate Majority Leader Harry Reid (D-Nev.) will allow Udall to offer the amendment.
A similar bill passed the House last month.