Pro-MBL Hike Body Checks Abound After Schumer Flap
Despite comments made by co-sponsor Sen. Chuck Schumer (D-N.Y.) April 23 that suggested a vote on S. 2231 may be delayed, credit union trade associations continue to crash the net in support of the Small Business Lending Enhancement Act.
Schumer was quoted in trade publications telling bankers that a vote on MBL has been delayed until this summer. The comment caused a ruckus because credit unions have been anticipating a vote since Senate Majority Leader Harry Reid (D-Nev.) promised it in March.
Organizations known for mobilizing the tea party movement, including the Heartland Institute, the Competitive Enterprise Institute, and Grover Norquist’s Americans for Tax Reform, among others, went on record in support of raising the credit union member business lending cap to 27.5% of assets. And the groups were critical of the banking lobby in the letter.
“It simply boggles the mind to suggest that the banking industry as a whole would suffer any damage from this bill. Banks currently have a 95% market share,” the groups said.