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News Now

Washington
Lame duck Congress still has action plan
WASHINGTON (11/9/10)--With the House and Senate returning for the final days of the 11th Congress next week, the Credit Union National Association (CUNA) will again begin actively searching for a vehicle for potential member business lending legislation. That vehicle could come in the upcoming lame duck session, or in next year’s 112th Congress. The MBL legislation would lift the cap to 27.5% of total assets, infusing $10 billion in new credit into small businesses at no cost to taxpayers. These funds would help small business owners create over 100,000 new jobs, according to CUNA. CUNA Senior Vice President of Legislative Affairs John Magill said that the MBL legislation could fit in to the House agenda if Republicans follow up on campaign promises of reducing government spending and helping small businesses create jobs. Magill believes that the 112th Congress’s split chambers could make it difficult to move new legislation through. However, smaller items such as the potential enactment of capital reform for credit unions, could see debate. Further discussions of the Community Reinvestment Act, mortgage cramdown provisions, and overdraft protection legislation will be less likely, he added. Housing finance reform will likely remain a high priority for both the House and Senate finance committees, with much debate centering on the role of the federal government in the secondary mortgage market. While Rep. Maxine Waters (D-Calif.) last month announced a Nov. 18 hearing to discuss foreclosures and other related issues, that hearing is no longer on the schedule as of yesterday.


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