The MBL wait might finally be over.
CUNA announced Monday it has been told by Capitol contacts that a vote on S. 2231 could come this week, possibly within the next 48 hours.
The bill would increase the member business lending cap to 27.5% of assets, more than double the current limit of 12.25%.
The Senate, which is in session this week, did not have a set schedule as of Monday morning, said CUNA Senior Vice President of Legislative Affairs Ryan Donovan.
In March, Senate Majority Leader Harry Reid (D-Nev.) promised a vote on the floor of the Senate sometime this year, but so far, a vote has not materialized. S. 2231 was authored by Sen. Mark Udall (D-Colo.) and has 21 co-sponsors. The bill needs 60 votes to pass in the Senate, before moving to the House for approval.
The House version of the MBL bill, H.R. 1418, is sponsored by Rep. Ed Royce (R-Calif.) and has 142 co-sponsors.
"CUNA has been having high-level meetings in the Senate, as well as in the House, and we are encouraged by those meetings," Donovan said. "We continue to work with our champions in the Senate to get the MBL language included into the right package." More than 500 credit union and small business representatives will hike Capitol Hill Tuesday and Wednesday in a CUNA-sponsored event to push for a favorable vote on S. 2231.
Bank lobbyists say they will also be visiting congressional offices this week, opposing the bill. CUNA said the bill has the backing of the Obama administration, and the NCUA has told inquiring lawmakers it also supports the MBL cap increase.