There's a saying on Capitol Hill that Congress works in two time frames: now, and not now.
So goes the pursuit of member business lending legislation, after a report in American Banker on Monday sourced Sen. Charles Schumer (D-N.Y.) telling bankers that a vote on S. 2231, the Small Business Lending Enhancement Act, has been delayed until this summer.
The comment caused a ruckus in the credit union movement, because the non-profits have been anticipating a vote on raising the MBL cap since Sen. Harry Reid (D-Nev.) promised it back in late March.
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