Efforts to delay the implementation of the Federal Reserve’s debit interchange rule continued on Capitol Hill and at the grassroots level last week.
A California Republican and New York Democrat were preparing to introduce a member business lending cap bill similar to an existing Senate measure.
Three co-sponsors so far have joined the two original sponsors of the House member business loan cap bill, a companion to a Senate bill.
WASHINGTON - The Senate’s No. 3 Democrat said today there is a “decent’’ chance his chamber will pass Sen. Mark Udall’s bill to raise the cap on member business lending to as much as 27.5% of assets.
Here we go again. Saying that it would “expand the options for small businesses at no expense to taxpayers,” Sen. Mark Udall (D-Colo.) last week reintroduced a measure to raise the cap on member business lending from 12.25% of assets to as much as 27.5% of assets.
The issue of regulating interchange fees will be one of the topics lawmakers have to deal with when the House-Senate conference committee meets today to reconcile the differences between the financial reform bills passed by both chambers.
The chairmen and ranking Republicans of the Senate Agriculture and Banking committees are among the 12 senators named to the Senate-House conference committee that will reconcile differences between the regulatory overhauls.
After months of bipartisan bashing of the Federal Reserve's actions during the recession,
National party committees and senior lawmakers on the committees that oversee credit unions are among the recipients of contributions from the political action committees of CUNA and NAFCU.
Credit unions got a glimmer of hope today when Sen. Charles Schumer (D-N.Y.) said he still would like to have legislation to lift the cap on member business lending.