Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Sen. leaders hope small biz package moves forward soon
WASHINGTON (7/15/10)—Senate leaders Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.) on Wednesday said that they were hopeful that the senate could move forward with a small business funding bill, which could include an amendment that would lift the member business lending cap to 27.5% of total assets, this week. Sen. Mark Udall (D-Colo.), who sponsored the MBL legislation and is looking to have it attached to legislation that would grant $30 billion in funds to small banks that could then lend it to small businesses, spoke on behalf of his MBL bill on Tuesday.


In his remarks, Udall said that his legislation would “safely and soundly increase small business lending by credit unions without costing Americans a dime” and “could lead to large-scale job creation” in both his home district and nationwide. Udall gained another co-sponsor following those remarks, with Sen. Al Franken (D-Minn.) on Wednesday joining Sens. Reid, Charles Schumer (D-N.Y.), Joe Lieberman (I-Ct.), Barbara Boxer (D-Calif.), Kirsten Gillibrand (D-N.Y.), Bernard Sanders (I-Vt.) and Daniel Inouye (D-Hawaii) as backers of the pro-MBL legislation. Udall’s MBL cap increase legislation mirrors legislative language sent to federal lawmakers by the U.S. Treasury earlier this year, and is backed by the Obama administration as well. National Credit Union Administration (NCUA) Chairman Debbie Matz has also backed the MBL cap lift in recent days. The Credit Union National Association (CUNA) and credit unions have led a sustained grassroots push for MBL legislation, and have amplified their efforts to garner bipartisan support for the Udall provision.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 day ago