After a last minute whirlwind of appeals to President Obama and Congress to consider legislation that would increase the member business lending cap, both CUNA and NAFCU are urging credit unions not to let up.
This week, the Senate is coming back from a five-week recess. The Small Business Lending Fund Act, which includes $30 billion in funds to encourage banks to lend more to small businesses, is expected to come up for consideration Sept. 13. It does not include a heavily promoted amendment drafted by Sen. Mark Udall (D-Colo.) that would increase the MBL cap.
With several new economy recovery initiatives on the table, CUNA recently urged President Obama to consider how credit unions can aid small businesses. In a Sept. 3 letter to Obama, CUNA President/CEO Bill Cheney applauded the White House's objectives to "do everything we can" to help small businesses and in turn, boost the economy. Cheney cited Treasury Secretary Timothy Geithner's support for increasing the member business lending cap and encouraged the Obama administration to include such language in the next package of legislative proposals addressing the economy.
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