Credit unions received some discouraging news on Capitol Hill last week when the draft version of a Senate jobs creation bill didn't include a provision to raise the cap on member business lending.
It's the second setback on the issue during a two-week period. President Obama failed to mention the issue in the portion of his State of the Union address that focused on job creation, and his proposal to make money available to community banks to increase business lending does not include credit unions. Lobbyists for CUNA and NAFCU hope the MBL provisions will be added later.
"We knew we weren't likely to get in the first bill because the focus has been on taxes. Our chances are as good as they've ever been, but we have a lot of work to do," said CUNA Vice President for Legislative Affairs Ryan Donovan.
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