MCUL Prepares for Post-Election MBL Vote
Senate Majority Leader Harry Reid, D-Nev., continues to promise a post-election vote on member business lending legislation. More than 140 Michigan credit unions currently offer small business loans to their members, of which some have reached the current 12.25% cap. To date, nine of our 14 U.S. House members have cosponsored the legislation (H.R. 1418), along with both of Michigan’s U.S. senators. CUNA believes we are close to having enough votes to pass the measure in the Senate, which would require a full 60 as the measure bypassed the committee process by utilizing Senate Rule 14. During the past few months, the MCUL has hosted meetings with several members who have not yet committed their support to H.R. 1418. Freshman Rep. Dan Benishek, R-Iron Mountain, participated in multiple credit union events over the past two months and a post-election meeting is tentative scheduled in Negaunee for Nov. 8. Following Rep. Thaddeus McCotter’s resignation, the MCUL has met several times with Republican candidate Kerry Bentivolio, a Republican from Milford, on the business lending cap. Bentivolio is likely to serve the remainder of McCotter’s term following the Nov. 6 election. Additional discussions are being scheduled with Rep. Mike Rogers, R-Brighton, and Justin Amash, R-Cascade Twp., following the election. Click here to send the MCUL’s post-election MBL CapWiz letter to your member of Congress.
Senate Action on ATM Disclosure Legislation Possible During Lame Duck
Several CU leaders joined league staff to meet with Congressman Bill Huizenga, R-Zealand, two weeks ago in Holland. Participants discussed our concerns with new regulatory burden in addition to our current federal legislative priorities. Among the issues discussed was H.R. 4367, legislation to eliminate the physical fee disclosure requirement on ATMs. The measure passed the U.S. House with unanimous support (371-0) earlier this fall. Unfortunately Sen. Jim DeMint, R-S.C., stepped in to place a “hold” on the bill, stopping the legislation dead in its tracks until further notice. DeMint is holding the bill in an attempt to force a repeal vote of the 2010 Dodd-Frank financial oversight law. Reps. Huizenga, R-Zealand, and Luetkemeyer, R-Mo., reportedly met with Sen. DeMint this past month to discuss the hold on this legislation. Rep. Huizenga is hopeful H.R. 4367 could see possible action following the election during the lame duck session. Click here to read a news article on the Senate’s hold of the ATM bill, or here to access the MCUL’s ATM bill issue brief and talking points.