Member Business Lending Bill Gets New Name, New Life in Senate
Mark Udall (D-Colo.) has repackaged and reintroduced his bill to remove the cap on credit union member business lending, giving it a new number and freeing it up for debate and possible vote in the U.S. Senate.
The previous bill was numbered S 509. The new MBL bill is number S 2231.
Udall took the step after S 509 was referred to the Committee on Banking, Housing and Urban Affairs where it was expected to die and after Senate Majority Leader Harry Reid (D-Nev.) committed on the Senate floor to seeing the MBL bill brought up for a debate and vote.
Brad Thaler, vice president for legislative affairs for NAFCU, applauded the move and said the move means the legislation could be moved to the Senate floor under a procedure called Rule 14.
Rule 14 allows the majority leader to object to a bill being sent to committee after two readings and instead bring it to the floor.
It is unclear when that might happen, however, and Thaler anticipated it may not be until after the Senate returns from its Easter recess in mid-April.