Sen. Udall Reintroduces MBL Legislation

Federal legislation that would raise credit unions’ member business lending (MBL) cap from 12.25% of assets to 27.5% of assets, has been reintroduced in the Senate. Sen. Mark Udall (D-Colo.) introduced the bill today. If passed, the legislation would allow credit unions to offer more small business loans in their local communities.

Similar legislation last year never came to a vote—despite having a high number of co-sponsors—as Congress labored over budgeting and deficit issues until the session ended.

In this 113th Congress, MBL legislation has already been introduced in the House by Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.). H.R. 688 has 99 co-sponsors, including Oregon’s Earl Blumenauer, Suzanne Bonamici and Kurt Schrader and Washington Rep. Jamie Herrera Beutler.

The legislation is supported by the Northwest Credit Union Association (NWCUA) and the Credit Union National Association (CUNA). CUNA estimates increasing the lending cap would create about 150,000 new jobs in the first year alone, including nearly 2,000 in Oregon and more than 7,000 in Washington.

 

Questions? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

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