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Michigan Credit Union League Home » Information Services » Publications » News Articles  

MBL Push Continues   (Misc News: April 23, 2012)

Contrary to rumors being circulated in banking publications, CUNA insists there has been no movement in the U.S. Senate to delay a vote on S.2231, the credit union member business lending legislation.

“If the banks want to go to sleep on this legislation, that’s fine with us,” CUNA President and CEO Bill Cheney said. “The fact is, however, Senate leadership remains committed to a floor vote on this bill, a promise Sen. Schumer reiterated again today.”

According to CUNA’s political affairs team, the bill remains on the Senate schedule and could technically come up for a vote at any time. However, due to a packed schedule, Cheney said it was unlikely the Senate would take up the bill this week.

Next week, the Senate goes on recess. The following week senators will work in their home states, returning to Washington the week of May 7.

Cheney cited massive amounts of time, money and effort being poured into anti-credit union propaganda by the American Bankers Association as evidence the bankers are working overtime in their effort to defeat the legislation.

MCUL & Affiliates CEO David Adams said the league will continue to keep the issue before lawmakers, the public, and the press until the bill comes to a vote.

“We’re so grateful to have the support of Senators Carl Levin and Debbie Stabenow who understand that this is really about small businesses,” Adams said. “We will continue to use every channel available to us to build on that support, be it through phone calls, letters, emails, traditional media or social media.”

Adams further stressed that the legislation is about more than just business lending. “This bill marks the first piece of standalone legislation to come before Congress since 1998. This is our industry’s time to show our collective strength.”

To contact a member of Congress to urge support of the legislation using MCUL’s Grassroots Action Center click here.


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