Federal Legislative Week in Review

Senator Mark Udall (D-CO) has introduced the Small Business Lending Enhancement Act, which would raise the credit union member business lending cap to 27.5% of assets. This could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs at no cost to taxpayers.

Member Business Lending.  Senator Mark Udall (D-CO) has introduced the Small Business Lending Enhancement Act, S. 509, which would raise the credit union member business lending cap to 27.5% of assets. This could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs at no cost to taxpayers.  A House version of the bill is anticipated in the next few weeks.

Interchange.  In the Senate, Senators Jon Tester (D-MT) and Bob Corker (R-TN) were joined by nine of their colleagues in sponsoring a bill (S. 575) to delay implementation of the interchange rule for two years and study the rule’s impact on consumers and small issuers.  In the House, Representatives Shelly Moore Capito (R-WV), the Chairman of the House Subcommittee on Financial Institutions and Consumer Credit, and Debbie Wasserman-Schultz (D-FL) were joined by 26 of their colleagues in sponsoring a bill (H.R. 1081) to delay implementation of the interchange rule for one year and study its impact on consumers and small issuers.  While the House and Senate bills differ, we view both as positive first steps, and we will work to make improvements as the bills maneuver through the legislative process.

Call to Action:  Please send a message to your Members of Congress TODAY on both the MBL and interchange issue, urging them to cosponsor our legislation!  Prewritten letters are available for your use at Grassroots Action Center, where you can quickly personalize and send messages to your Members of Congress.