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News Now

Washington
Pro-CU legislation still possible in post-recess action
WASHINGTON (10/5/10)—While the Congress has officially left Washington for the pre-electoral recess, credit union related legislation could see action during a “lame duck” session. That session is scheduled to begin on Nov. 15, and while many legislative priorities were wrapped up in recent weeks, Congress still needs to approve legislation that would continue to fund the government itself and the nation’s defense. Additional legislation could be considered during this time period, and the Credit Union National Association’s Senior Vice President of Legislative Affairs John Magill said that CUNA continues to look for potential vehicles for member business lending cap legislation. That MBL legislation, if enacted, would increase the MBL cap to 27.5% of a credit union's total assets, up from the current 12.25% limit. Doing so would infuse $10 billion of new credit into small businesses and create more than 108,000 new jobs--at no cost to the American taxpayer. CUNA is also working to promote allowing credit unions to raise alternative capital. CUNA Vice President of Legislative Affairs Ryan Donovan said that CUNA has seen genuine interest in maintaining the capital level of credit unions and other financial institutions in Congress, and added that this type of awareness could be key to credit union’s legislative prospects going forward.


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