Sen. Mark Udall (D-Colo.) introduced the “Small Business LendingEnhancement Act of 2013″ on Thursday.

The bill would raise the member business lending cap from 12.25%of assets to 27.5%. It's S.968 and it's similar to H.R. 688, whichwas introduced by Rep. Ed Royce (R-Calif.) in February. Udall wasthe primary sponsor of the Senate's MBL bill in the112^th Congress.

“NAFCU thanks Sen. Udall and the bipartisan cosponsors ofthe 'Small Business Lending Enhancement Act' for recognizing thevalue of credit unions as providers of credit to small businesses,”said NAFCU President/CEO Fred Becker.

“Americans need jobs, and more money for small businesses meansmore jobs. Lifting the member business lending cap will allow ournation's credit unions to do more to help our small businessescreate jobs and help keep our economy back on the road toprosperity,” Becker said.

The legislation would extend the raised cap to credit unionsthat have met or exceeded at least 80% of its current cap for thepast four consecutive quarters, that have at least 7% net worth,can demonstrate at least five years' experience in MBLs and havethe appropriate policies in place and experience in managing theloans.

“This legislation says to credit unions that stood with theirbusiness-owning members during the recent Great Recession to keeplending,” said CUNA President/CEO Bill Cheney. “Credit unions havecapital to lend, a history of prudent and safe small businesslending, and a mission to help provide access to credit to theirmembers—including their small business-owning members. They justneed Congress to enact Sen. Udall's bipartisan legislation, as wellas similar legislation pending in the House by Reps. Ed Royce andCarolyn McCarthy.”

Despite a promise from Senate Majority Leader Harry Reid(D-Nev.) that the MBL would get a vote during the 112^thCongress, CUNA conceded on Dec. 5 that the measure didn't have the 60 votesnecessary to clear a consideration vote in the Senate as astandalone bill.