In response to Senate Majority Leader Harry Reid's challenge that they demonstrate bipartisan support, CUNA and NAFCU are redoubling their efforts to lobby senators to support an amendment by Sen. Mark Udall (D-Colo.) that would raise the cap on member business loans from 12.25% of assets to 27.5% of assets.
Both groups are meeting with staffers and members on Capitol Hill and did extensive lobbying during last week's Independence Day
CUNA President/CEO Bill Cheney Told attendees at the One Credit Union Conference in Las Vegas today that Reid (D-Nev.) wants to bring up the amendment, which would be part of a small business lending bill, if credit unions can demonstrate bipartisan support and the support of at least 60 senators.
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The Udall amendment would be added to a bill that would create a $30 billion fund for community banks to use to lend money to small businesses. The Obama administration has endorsed the language in Udall's amendment.
The NCUA supports raising the cap and has been speaking to lawmakers of both parties discussing how the agency would issue regulations to insure that any additional business loans are made in a safe and sound manner.
Senate leaders haven't announced when they are going to bring up the bill for a vote, but it could be as early as this week.
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