WASHINGTON (9/14/10)--Small business job creation legislation is high on the list of priorities for the Senate as the U.S. Congress returns to Washington following an extended August break. The small business legislation could come up for a full vote at the end of this week. Amendments will likely be offered today, perhaps including one that would increase the member business lending (MBL) cap and one to repeal some 1099 reporting requirements. Its is not known whether the MBL legislation, which would more than double the current cap imposed on credit unions to 27.5% of total assets, will be added to the final small business legislation. However, Credit Union National Association Senior Vice President of Legislative Affairs John Magill recently said that while the protracted legislative battle over small business legislation has dimmed the overall prospects of that legislation, credit unions have been able to use the process to shine a positive light on the MBL increase proposal. Specifically, CUNA and credit union backers have powerfully made the case for the MBL increase to legislators and the media, and the Obama administration has also come out in favor of lifting the cap. "This is the closest credit unions have ever gotten in their pursuit for increased MBL authority,” Magill added. Also of interest to credit unions is a midweek House Financial Services capital markets subcommittee hearing on "the future of housing finance.” Treasury Assistant Secretary for Financial Institutions Michael Barr and Federal Housing Finance Authority Acting Director Edward DeMarco will testify during the haring, which will focus on government-sponsored entities Fannie Mae and Freddie Mac.