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News Now

Washington
Udall keeps the heat on for MBL cap lift
WASHINGTON (3/17/11)--Calling it “just the beginning” of action on member business lending (MBL) legislation this year, the Credit Union National Association (CUNA) thanked Sen. Mark Udall (D) for his intended effort to attach MBL language to a small business bill. The senator from Colorado Wednesday proposed to file the text of his S. 509 MBL bill as an amendment to S. 493, the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Reauthorization Act of 2011. While the MBL language must meet the Senate’s strict rules for germaneness if it is to be attached to the core bill, CUNA Senior Vice President of Legislative Affairs John Magill said that Udall, with his announcement, found a good opportunity to signal his serious intent to increase the MBL cap to 27.5% of a credit union’s total assets, up from the current 12.25%. Udall’s S.509, known as the Small Business Lending Enhancement Act, could, according to an updated CUNA study, provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs. CUNA underscores that these economic benefits come at no cost to taxpayers. Regarding Wednesday’s development, Magill said, “This is just the beginning. CUNA and credit unions are serious and engaged in the effort to remove the economically stifling and arbitrary cap on member business lending. And we are grateful that the Congress remains keenly focused on this important credit union issue.”


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