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News Now

Washington
With House gone focus is on Senate this week
WASHINGTON (8/3/10)--While the annual summer exodus begins for members of the House this week, the Senate will remain in Washington through Friday. Senators are seemingly stuck, and have shown little desire to move forward on small business job creation legislation. However, the Credit Union National Association (CUNA) continues to advocate for consideration of Sen. Mark Udall’s (D-Colo.) pro-member business lending legislation. Udall’s bill, which has been touted as a possible amendment to stalled small business legislation, would increase credit union business lending authority to 27.5% of total assets, up from the current 12.25% cap. Doing so would create more than 108,000 new jobs and provide small businesses with over $10 billion in funds to reinvest into the flagging economy, according to CUNA estimates. The small business legislation would provide small banks with $30 billion in funds to lend to small businesses. Udall, who backs the small business legislation, recently said that he did so with the understanding that if the Senate was "going to finance $30 billion to increase lending," it would "at the very least" also move to "increase lending without costing taxpayers a dime." There are no credit union-relevant hearings scheduled this week, and the Senate is expected to discuss legislation related to Medicaid and the oil spill, as well as the Supreme Court nomination of Elena Kagan.


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