The MBL wait might finally be over.
|CUNA announced Monday it has been told by Capitol contacts thata vote on S. 2231 could come this week, possibly within the next 48hours.
|The bill would increase the member business lending cap to 27.5% of assets, more thandouble the current limit of 12.25%.
|The Senate, which is in session this week, did not have a setschedule as of Monday morning, said CUNA Senior Vice President ofLegislative Affairs Ryan Donovan.
|In March, Senate Majority Leader Harry Reid (D-Nev.) promised a vote on the floor of the Senate sometime this year,but so far, a vote has not materialized. S. 2231 was authored bySen. Mark Udall (D-Colo.) and has 21 co-sponsors. The billneeds 60 votes to pass in the Senate, before moving to the Housefor approval.
|The House version of the MBL bill, H.R. 1418, is sponsored byRep. Ed Royce (R-Calif.) and has 142 co-sponsors.
|“CUNA has been having high-level meetings in the Senate, as wellas in the House, and we are encouraged by those meetings,” Donovansaid. “We continue to work with our champions in the Senate to getthe MBL language included into the right package.” More than 500credit union and small business representatives will hike CapitolHill Tuesday and Wednesday in a CUNA-sponsored event to push for afavorable vote on S. 2231.
|Bank lobbyists say they will also be visiting congressionaloffices this week, opposing the bill. CUNA said the bill has thebacking of the Obama administration, and the NCUA has toldinquiring lawmakers it also supports the MBL capincrease.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
