MBL Cap Falls Short of Inclusion in Senate Bill (Monitor: September 20, 2010)
A Sept. 15 letter from CUNA President & CEO Bill Cheney explained that, despite strong support from credit union-friendly senators, the amendment to increase the member business lending cap will not be included in the Small Business Lending Fund Act. A combination of factors including strong banker opposition and a tight Senate schedule forced a 61-37 vote to invoke cloture on the current bill, without Sen. Mark Udall's MBL amendment. No further amendments can be added at this time.
According to Cheney, "our efforts on business lending are not over; this is the furthest point we have ever achieved on this legislation – we feel we can and should continue to push. We can look for another vehicle for Sen. Udall’s amendment, or consider building support to move it as a stand-alone bill. In any event – we believe there may still be a chance for action, likely in a 'lame duck' session after the election."
The MCUL and CUNA will continue to advocate for raising the current cap and finding other vehicles for Udall's amendment. Cheney hopes to see the issue brought up again in the lame-duck session after the November election.