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.