Small Business Lending Act moves forward without MBL amendment
09/14/2010 05:29 pm
Despite support from the White House, the U.S. Treasury and Senate Majority Leader Harry Reid (D-NV), the Senate has voted 61-37 to move quickly on the Small Business Lending Fund Act. The cloture vote all but keeps the Sen. Udall MBL cap amendment out of the act. CUNA President/CEO Bill Cheney says that this is the furthest credit unions have come on the member business lending issue and will continue to push it either through another bill or a stand-alone bill.
"We (CUNA) will work with the Majority Leader, Sens. Udall and Schumer as well as key allies within the administration to identify the appropriate vehicle or possibly attempt moving the Udall bill as a stand-alone bill. The Majority Leader has told us repeatedly that he wants to find a way to get this done this year – including, possibly during the lame duck session in December," said Cheney.
Credit unions are asked to continue to talk to Republican and Democratic members of Congress about this issue and also let them know that giving $30 billion to community banks for lending and not raising the MBL cap, which would cost taxpayers nothing, is unconscionable.