WASHINGTON (5/22/12)—Small business group Women Impacting Public Policy and the National Rural Electric Cooperative Association (NRECA) are two of the latest groups to join the fight to increase the credit union member business lending cap, and the Credit Union National Association (CUNA) has urged credit unions and their members to keep pressure on Congress as members of the U.S. House return to their home districts this week.
MBL increase legislation, which has been offered in both the House and Senate, has received support from several pro-business, conservative, libertarian and free-market organizations, as well as credit unions across the country. A vote on the Senate MBL legislation could come at any time, but is not expected to take place this week. (See related May 21 News Now story: CUs, small biz to keep up MBL efforts: CUNA)
Senators could, however, address some key credit union issues this week.
One such issue is the National Flood Insurance Program (NFIP), which is still scheduled to expire on May 31. Legislation that would extend the NFIP until the end of June was approved by the House last week, and could be voted on by the Senate this week. Senators are also expected to consider legislation that would extend the NFIP by five years, and, potentially, reform elements of the program, this week.
The hearing schedule this week is relatively light, with the Senate Banking Committee scheduled to hold an oversight hearing on potential changes to derivatives regulation today and a hearing on the Responsible Homeowner Refinancing Act (S. 3085) on Thursday.
The Senate will begin its Memorial Day district work period at the end of this week, and is not set to return to Washington until June 4. The House is scheduled to hold its next session on May 29.