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.
Credit unions won a victory Thursday night when a Senate committee approved an amendment to remove a provision that would limit credit card interchange rates on government transactions.
The Senate last Thursday overcame strong Republican opposition and passed comprehensive regulatory overhaul legislation 60 to 39. All but one of the 58 Senate Democrats supported the measure, and all but three of the chamber's 41 Republicans opposed it.
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 regulatory restructuring bill-which CUNA and NAFCU are opposing because of the interchange provisions-is likely to come up for a vote in the Senate this week, and odds are it will pass.
Now there are 60.
Adding to the likelihood of final passage, Sen. Olympia Snowe (R-Maine) late yesterday said she would support the regulatory overhaul currently pending in the Senate.
The regulatory restructuring bill came closer to passing the Senate when Sen. Maria Cantwell (D-Wash.) announced she would support it
NCUA Chairman Debbie Matz has written senators in support of two changes in the pending regulatory reform measure, the agency said today.
The chairman of the NCUA would be included in the council of regulators that could make decisions on systemic risk and hear appeals of rules by the new consumer financial regulator if an amendment sponsored by Sen. Susan Collins (R-Maine) is approved.