The Senate today passed a small business lending bill that includes a $30 billion fund to encourage community bank lending-but without a provision to raise the cap on member business loans from 12.25% to 27.5% of assets.
After a last minute whirlwind of appeals to President Obama and Congress to consider legislation that would increase the member business lending cap, both CUNA and NAFCU are urging credit unions not to let up.
Two more letters went out yesterday from NAFCU to key lawmakers urging the inclusion of language that would increase the member business lending cap.
What if the opposition party gains control of parts of government?
NAFCU reminded credit unions they should contact both senators and U.S. House representatives over the congressional break to gather support for increasing the member business lending cap.
A Supreme Court nomination and energy legislation are taking center stage in the Senate this week, thus putting a job creation bill on the back burner.
Partisan maneuvering derailed, at least temporarily, Senate action on s small business lending bill.
Excluding a provision to raise the member business loan cap would cost jobs and therefore CUNA will oppose the small business lending bill without such an amendment, CUNA President/CEO Bill Cheney wrote Senate leaders today
The combination of election-year politics and the desire of lawmakers not to have to choose between credit unions and community bankers have helped erect a series of roadblocks to raising the cap on member business lending.
Sen. Susan Collins (R-Maine) has become the first member of her party to sign on as a co-sponsor of an amendment by Sen. Mark Udall (D-Colo.) that would raise the cap of 12.25% of assets to up to 27.5% of assets.