WASHINGTON – Lobbyists for CUNA and NAFCU said they plan to redouble efforts to persuade lawmakers to lift the cap on member business loans as part of the stimulus bill that is working its way through Congress, though they admit it will be a difficult fight.
"It's going to be an uphill battle because there are a lot of competing interests on this measure," said CUNA Senior Vice President of Legislative Affairs John Magill.
NAFCU Vice President for Legislative Affairs Brad Thaler said they would work hard to persuade lawmakers that credit unions can be a part of a solution to the economic crisis by making more loans but declined to predict the likelihood of success.
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Both groups also said they would monitor whether the stimulus measure includes a provision allowing bankruptcy judges to rewrite the terms of certain mortgages. The so-called "cram down provision"–which CUNA and NAFCU have opposed–was introduced in both chambers during the last session and there was no action on the Senate side while the House Judiciary Committee passed it there was no vote on the House floor.
Some versions of the measure applied only to subprime loans while others included all mortgages.
President-elect Barack Obama is scheduled to meet today with congressional leaders to discuss the stimulus bill. Although there had been some talk that lawmakers would try to pass the measure before Obama takes office so he could sign it soon after he is sworn it, congressional leaders now say their goal is to have it passed before Congress takes its President's Day recess in mid February.
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