The House version of member business lending cap legislation picked up two new cosponsors this week, growing that list to 130 lawmakers.
Rep. Mazie Hirono (D-Hawaii) and Lucille Roybal-Allard (D-Calif.) signed on this week to H.R. 1418, which like S. 2231 in the Senate, would raise the credit union MBL cap from 12.25% of assets to 27.5% for credit unions meeting safety-and-soundness requirements.
Brad Thaler, NAFCU's vice president of legislative affairs, said much of the industry’s lobbying efforts have been concentrated in the upper house since Senate Majority Leader Harry Reid announced S. 2231 will go to a vote in March.
Given the dynamics of legislation in general, the Senate is a big hurdle for passing any legislation, Thaler said. If MBL legislation passes the Senate, especially given its broad and diverse support, it will send a strong message to the House to pick up and pass the bill.
Thaler said he’s confident credit unions can score the 60 votes needed in the upper chamber to achieve a supermajority and pass MBL legislation
“I think a lot of people in the Senate view this as a fight between their friends, and realize once they take a stand, they’re upsetting one side or another,” he said. “They’re hesitant to do that until they have to.”
The American Bankers Association on Firday kicked off its daily news bulletin to members with an action alert to contact their senators and ask them to oppose S. 2231. The ABA said a Senate vote “could take place any time.”
Thaler agreed a vote could come at any moment, but is most likely expected in May after lawmakers return from a scheduled recess next week.