Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Senate MBL vote postponed this week
WASHINGTON (11/27/12)--Reflecting the fast and furious pace of change in the current, month-long, lame duck congressional session, U.S. Senate leadership announced its schedule for the week and now is expected to take up Budget Act points of order and a plan to move forward on the Defense Authorization bill.

Absent from this week's Senate line up is a vote on S. 2231, a bill to increase credit union member business lending (MBL) authority. As late as this morning, MBL bill supporters were told to anticipate a vote this week--perhaps as soon as Wednesday.

However, after consultation with several Senate offices, the Credit Union National Association (CUNA) now does not expect a vote on S. 2231 this week. However, a vote is considered likely during the lame duck session, which is currently targeted to end Dec. 21.

S. 2231 would increase the MBL cap to 27.5% of a well-capitalized, experienced credit union's assets, up from the current 12.25% limit. H.R. 1418 is the House version of that legislation.

"The situation is and will remain fluid until a vote is cast," said CUNA Senior Vice President of Legislative Affairs Ryan Donovan Monday.

He emphasized that CUNA's grassroots advocacy effort this week, to push for a favorable vote on S. 2231, is very well timed.

More than 500 credit union and small business representatives are expected to be on Capitol Hill Tuesday and Wednesday participating in the CUNA-sponsored "Hike the Hill" to highlight the ways in which the legislation will bolster small businesses and help the economy at no cost to American taxpayers. (See related story: 500 CUs, small biz press for MBL passage this week.)


RSS print
News Now LiveWire
Decades-high number of #VA loans boost housing #market #NewsNow http://t.co/RhGPMs0w9e
13 minutes ago
85% of members for 100% safe with their #creditunion, says @fileneresearch study. See #newsnow http://t.co/a3deRHSp5x
19 minutes ago
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
17 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
19 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
19 hours ago