WASHINGTON (9/11/12)--As members of the U.S. Congress return to Washington this week, the Credit Union National Association (CUNA) will detail how member business lending (MBL) legislation will help small businesses and create new jobs during a Wednesday public press event.
The press event, which will be presented as part of Washington political newspaper The Hill's "Issue Forum" series, is scheduled to begin at 1:30 p.m. ET. Credit unions will be able to watch the event streamed live by going to www.thehill.com .
The event will feature remarks from key MBL sponsors Sen. Mark Udall (D-Colo.) and Rep. Ed Royce (R-Calif.), as well as CUNA President/CEO Bill Cheney and MBL coalition partners. Rhett Buttle of The Small Business Majority and Eli Lehrer of the R Street Institute will also present a joint research report focusing on job growth, the role small business plays in the economy and the support that credit unions can offer to small business in the economy's recovery with expanded business lending authority.
MBL legislation was a key CUNA priority before the August congressional district work period, and it remains so as Congress returns.
Senate Majority Leader Harry Reid (D-Nev.) has promised a vote on MBL legislation before the end of the year, and CUNA and credit unions have continued to meet with legislators in anticipation of that vote. Credit union representatives from Alabama, Florida, Oregon, South Carolina, Utah, Washington and West Virginia will make the case for MBLs and other credit union priorities in visits to Washington this week.
"Every day, we have more confidence in our ability to win an up-or-down vote on MBL legislation, and CUNA is exploring every opportunity to advance this legislation before the end of the year," CUNA Senior Vice President of Legislative Affairs Ryan Donovan said.
Another credit union legislative issue, a bill that would ease dual ATM disclosure regulations that are creating legal issues for credit unions and other financial institutions, passed the U.S. House in July. However, that bill is being held up in the Senate. The issue is not the ATM bill itself, but legislation that it has been attached to in the Senate. The ATM legislation has been combined with a Consumer Financial Protection Bureau (CFPB) information disclosure bill, and political gridlock regarding the CFPB is creating issues for this bill. Donovan said CUNA "supports moving the ATM bill as quickly as possible--whether it is combined with the CFPB bill or on its own." CUNA has been working to resolve the situation, and believes the ATM bill, which has more than 60 co-sponsors, "could move quickly if it was put forward as a stand-alone measure," Donovan added.
This week, the returning House and Senate members have several hearings on the schedule.
Using direct deposit to receive social security benefits will be discussed in a House Ways and Means social security subcommittee hearing today. The House Financial Services Committee hearing today will also mark up legislation that would clarify municipal advisor regulations under the Securities Exchange Act, and separate legislation that would reform housing support for military veterans.
The Senate Banking Committee on Wednesday plans to discuss the CFPB's semi-annual report to congress with CFPB Director Richard Cordray. A Wednesday joint hearing on The JOBS Act has also been scheduled by the House Oversight and Government Reform TARP, financial services and bailouts of public and private programs subcommittee and the House Financial Services capital markets and government sponsored enterprises subcommittee. A Wednesday House Financial Services financial institutions and consumer credit subcommittee hearing on the use of consumer credit data has also been scheduled.
Congress is scheduled to remain in session until Sept. 21.