The upper chamber invoked cloture, which limits remaining debate to no more than eight hours, so the final vote is expected soon.
Measure similar to proposed legislation in House, would raise cap to 27.5% of assets.
Tuesday night action repeats lame duck session passage in House. Next up is Senate, which didn't act on measure last session.
President returns from Christmas vacation to take on sequestration showdown.
After seeing little to no progress on credit union legislation during the first 11 months of 2012, two regulatory relief bills advanced within 24 hours of each other, with one passing both chambers and awaiting President Obama’s signature.
Tax relief law gives break to amounts forgiven by lenders when mortgage is modified or home is list in foreclosure or sold in short sale.
Bankers one step away from Transaction Account Guarantee extension without MBL; CUNA says it will continue opposition.
Fourteen conservative, libertarian and free market organizations send letter to Senate leaders ahead of today's cloture vote.
Filibuster reform is behind-the-scenes force, prop in partisan debate, CUNA lobbyists note.