Senate leaders haven't made a commitment to allow Sen. Mark Udall (D-Colo.) will be allowed offer his amendment to raise the cap on member business loans for credit unions, his spokeswoman said today.
"No promises….but that doesn't mean that Senator Udall isn't going to work very hard to get it included," Udall's Communications Director Tara Trujillo wrote in an e-mail in response to an inquiry from Credit Union Times.
Although Majority Leader Harry Reid (D-Nev.) has taken control of the amendment process to block unlimited amendments and Udall's amendment isn't on the amendment list, Reid is a cosponsor of Udall's measure and has the option of allowing a vote on it if he wants to.
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Udall's amendment, which would raise the cap on small business loans from 12.25% to as much as 27.5% at some credit unions, would be part of a bill that the Senate is expected to take up next week aimed at encouraging small business. The bill includes a fund aimed at providing capital to help community banks make more money.
While there is support for finding ways to encourage small business lending, some lawmakers have expressed concern about about another large spending program. And the lobbyists for community banks have said they would oppose the bill if it included an amendment raising the MBL cap.
The bill, which passed the House in a different form last month, cleared a procedural hurdle in the Senate before the July 4th recess but there are several additional steps before the bill is passed.
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