Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW Senate leader Reid promises MBL vote
WASHINGTON (UPDATED 3/15/12 1:00 p.m. ET)--Within minutes of one another this morning on the floor of the U.S. Senate, Majority Leader Harry Reid (D-Nev.) and Sen. Mark Udall (D-Colo.) spoke in favor of legislation to increase the credit union member business lending (MBL) cap.

Reid indicated that he has been working with Udall to attach the MBL bill to a pending small business bill, the Jumpstart Our Business Startups (JOBS) Act. (See News Now March 15) Under the process to which the Senate has agreed for consideration of the jobs bill, the Udall amendment can only be added by unanimous consent and indications are that effort would not likely be successful.

However, leader Reid indicated to the Senate body that he has begun procedural steps to bring the Udall bill (S. 509) to the floor as a stand-alone bill.  No timetable was given, but Reid pledged there would be a vote on the bill, which would increase the MBL cap to 27.5% of a credit union's assets, up from 12.25%.

Udall, speaking last night and again this morning to his Senate colleagues on behalf of the MBL bill, blamed what he said could only be called a "strange" government MBL cap with keeping needed credit away from the country's small businesses.

He said that credit unions stand ready and able to provide additional credit to their small business members, but that hundreds of the financial cooperatives are currently impeded by the low statutory cap.

The Senate floor discussion occurred just days before more than 4,000 credit union representatives are scheduled to hit Washington, D.C. to attend the Credit Union National Association's (CUNA's) Governmental Affairs Conference. A standard feature of the GAC is that the representatives meet with their delegations of federal lawmakers to discuss key issues, such as the pending House and Senate bills that would increase the MBL cap.  This year, credit unions will visit each of the 535 House and Senate offices to drive home the MBL message and discuss other key topics.

CUNA President/CEO Bill Cheney said after the senators' floor statements, "I cannot stress enough how critical next week's meetings will be to credit unions' success on this issue." He encouraged credit unions, in advance of those meetings, to continue to reach out to all senators to encourage them to support the Udall bill.
Other Resources

RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
12 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
12 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
13 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
14 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
16 hours ago