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Washington
Sen. Inouye is latest to back MBL cap increase
WASHINGTON (12/16/10)—Sen. Daniel Inouye (D-Hawaii) this week became the latest backer of Sen. Mark Udall’s (D-Colo.) S. 2919, the Small Business Lending Enhancement Act of 2009. Inouye joins Sens. Charles Schumer (D-N.Y.), Joe Lieberman (I-Conn.), Olympia Snowe (R-Maine), Barbara Boxer (D-Calif.), Susan Collins (R-Maine), Kirsten Gillibrand (D-N.Y.), Michael Bennet (D-Colo.), Bernie Sanders (I-Vt.), Arlen Specter (D-Pa.), Harry Reid (D-Nev.), Bill Nelson (D-Fla.), Ron Wyden (D-Ore.), and Sherrod Brown (D-Ohio) as cosponsors of S. 2919. Brown signed on to back the member business lending (MBL) legislation late last month. Udall’s bill, which was introduced late last year, would increase the cap on credit union member business lending to 25% of a credit union's total assets and raise the de minimis loan threshold from $50,000 to $250,000. Inouye also backed the MBL legislation, which came in the form of an amendment, earlier this year. The Credit Union National Association (CUNA) has estimated that expanding the capacity of credit unions to make business loans could result in $10 billion in new business loans through credit unions and at least 108,000 new jobs in the first year after enactment, with no additional costs to taxpayers. With this session of Congress likely to wrap up this week, CUNA continues to seek out a vehicle for the MBL legislation. That vehicle could come in next year’s 112th Congress if the legislation is not moved in the current lame duck session. CUNA Senior Vice President of Legislative Affairs John Magill has said that the MBL legislation could fit in to the House agenda if Republicans follow up on campaign promises of reducing government spending and helping small businesses create jobs.


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