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MBLs could be front and center in Senate
WASHINGTON (7/20/10)--The Senate resumed discussion of the small business lending bill on Monday, and Sen. Mark Udall (D-Colo.) still hopes that legislation that would lift the member business lending cap for credit unions to 27.5% of total assets can be added to that bill. The small business legislation would provide $30 billion in funds that small banks could then lend to small businesses. The Credit Union National Association (CUNA) is backing Udall’s amendment, and CUNA has also asked credit unions and credit union leagues to urge their senators to support the legislation. CUNA President/CEO Bill Cheney this week will meet with several key lawmakers to seek their support for the MBL provision. Udall’s legislation has the support of Democratic, Independent, and Republican senators, with Sen. Susan Collins (R-Maine) becoming the latest legislator to back the bill on Monday. CUNA’s Vice President of Legislative Affairs Ryan Donovan said that it is “vital” that the Senate version of MBL legislation has “the same level of bipartisan support that the House version of the bill has.” Similar legislation that was introduced in the House by Rep. Paul Kanjorski (D-Pa.) currently has 123 cosponsors, including 33 Republicans. CUNA has estimated that lifting the MBL cap, a move that has been endorsed by groups as disparate as the National Association of Manufacturers and Americans for Tax Reform, would create over 108,000 new jobs and inject over $10 billion in funding into the economy. The small business legislation and, potentially, Udall’s member business lending bill, is expected to be one of the many items on the docket this week, as the Senate recently completed its work on comprehensive financial regulatory reform.
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