Despite a recess in the Senate, CUNA is urging credit unions to continue meeting with senators in an effort to increase the member business lending cap.
According to CUNA, CUs have between now and Sept. 13 to convince federal lawmakers to approve the cap increase from12.25% of assets to 27.5%. The U.S. Senate, currently in a five-week recess, is expected to complete consideration of the Small Business Lending Fund Act when back in session Sept.13. The bill includes $30 billion in funds to encourage banks to lend more to small businesses, but as yet does not include an amendment drafted by Sen. Mark Udall (D-Colo.) that would increase the MBL cap.
"We are at a crucial point in our effort to expand the member business lending cap," said CUNA President/CEO Bill Cheney said. "We've never been closer to success than we are today, but there is still much we must do if we want to see this legislation enacted by Congress."
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Cheney said "The August recess gives us a terrific opportunity to reach senators at home–in meetings in their state offices, at town hall or campaign events. It also gives us time to generate additional grassroots letters and emails."
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