Senate Likely to Pass Small Business Bill without MBL Hike
The Senate is expected to break its impasse on a small business lending bill--which includes a $30 billion fund to encourage community bank lending--but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
The amendment to increase credit unions' lending capacity, sponsored by Sen. Mark Udall (D-Colo.), is not among those that Senate leaders will allow to be considered.
Lobbyists for CUNA and NAFCU said today that they would look for other bills to which the Udall amendment could be attached.
Although the small business lending bill has support from a majority of members, some Republicans have filibustered the measure. However, Sen. George Voinovich (R-Ohio) announced he will support the measure, thus providing the 60th vote needed to end the filibuster.
Congress is returning from its summer recess and is expected to meet through the beginning of October. There may be a lame-duck session following the November elections.