The Washington political newspaper The Hill will include member business lending as a topic of discussion during a public event Wednesday that will focus on small business access to capital.
The paper’s Issue Forum event will begin at 1:30 p.m. in the Dirksen Senate Office Building and will be broadcast live on the outlet’s website.
The forum will include members of congress advocating on behalf of S. 2231, legislation that would increase the member business lending cap from 12.25% of assets to 27.5%. Speakers will include bill sponsors Sen. Mark Udall (D-Colo.) and Rep. Ed Royce (R-Calif.), as well as CUNA President/CEO Bill Cheney and other industry representatives. A spokeswoman for The Hill said CUNA is a sponsor of the event.
"We believe this event will reinforce to Congress the urgency of enacting MBL legislation at a time when job creation continues to be a huge policy concern," Cheney said. The CUNA leader urged credit unions to view the event online.
MBL bills awaiting action include S. 2231, which has 21 cosponsors, and H.R. 1418, which has 140 cosponsors. The Senate bill was introduced in March, and under Senate Rule 14, was placed on a fast-track to the floor by Senate Majority Leader Harry Reid (D-Nev.).
Despite a statement by Reid in late March that the bill would get a vote this year, and predictions by trade associations that the vote would come during the summer months, a vote has yet to occur. CUNA has estimated that an MBL cap increase would create 140,000 jobs and inject $13 billion in new funds into the economy during the first year after enactment.