A bipartisan group of senators last night introduced a bill to expand credit union business lending authority.

The text of S. 2919 had not been received by the Government Printing Office as of this morning. However, a CUNA lobbyist said he expected the legislation to maintain the increase in the business lending cap from 12.25% to 25% of assets and the increase in the threshold of what is considered a business loan from $50,000 to $250,000.

CUNA Senior Vice President of Legislative Affairs John Magill said the push will again be to use the jobs bill as a vehicle for passage. He pointed out that the bill would creating 108,000 new jobs and permit $10 billion in new lending for small businesses. When asked about the bill's chances, Magill replied, "I feel better than I have in the four years I've been here."

Sens. Mark Udall (D-Colo.), Charles Schumer (D-N.Y.), Joseph Lieberman (I-Conn.), Olympia Snowe (R-Maine), Barbara Boxer (D-Calif.), Susan Collins (R-Maine) and Kristen Gillibrand (D-N.Y.) introduced legislation.

CUNA President/CEO Dan Mica used the opportunity to take a swipe at the bankers, who he said are the only lobbyists opposed to the legislation, "the same institutions that accepted billions of dollars of taxpayer money while restricting access to credit for consumers and small businesses, and bitterly opposing well-capitalized, not-for-profit credit unions to lend to their small business-owning members."

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