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CUNA Urges MBL Increase Rally During Recess

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.

By Michelle A. Samaad | Updated on August 11, 2010

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.

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