NAFCU reminded credit unions they should contact both senators and U.S. House representatives over the congressional break to gather support for increasing the member business lending cap.
NAFCU Director of Legislative Affairs Brad Thaler said once passed by the Senate, the revised Small Business Jobs and Credit Act, H.R. 5297, will have to go back for House approval. That opens to the door to more changes by the House, including the possible addition of an MBL cap lift if the Senate doesn't include that, he added.
The Senate has adjourned for the month and is scheduled to return to work Sept. 13, which is also the deadline set by Senate Majority Leader Harry Reid, (D-Nev.) for filing amendments to H.R. 5297. NAFCU said if eventually passed, the amendment proposed by Sen. Mark Udall (D-Colo.), would raise the credit union MBL cap to as high as 27.5% of credit unions assets for eligible institutions, subject to additional safety and soundness rules from the NCUA.
In the meantime, NAFCU is urging its members to keep up their contacts with lawmakers on the MBL provision as they return home to their states and districts.