Partisan maneuvering derailed, at least temporarily, Senate action on s small business lending bill.
Whether they call the pristine greenery of the Pacific Northwest or the rolling hills of New England home, many credit unions share a common approach when it comes to business lending:
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
In a late-night session and after extensive procedural maneuverings, the Senate last night approved a $30 billion fund that community banks can access to fund more business loans
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.
The Senate will again have 100 members today when Carte Goodwin is sworn in as the interim senator from West Virginia.
CUNA and NAFCU often say that during the recent financial crisis their members wore the white hats.
Calling it a "zero dollar stimulus," NCUA Chairman Debbie Matz today urged the Senate to approve an amendment that would raise the cap on member business loans from 12.25% of assets to as high as 27.5% of assets.
Raising the cap on member business loans would do much to jumpstart the economy, NAFCU Executive Vice President Dan Berger wrote Senate leaders today.