WASHINGTON – The House approved a Small Business Lending Fund yesterday which had been seen as the best vehicle to attach a raise in the member business loan limit for credit unions, but the credit union provision was left off the bill.
Still, the credit union lobby, which has been distracted from the MBL issue in recent weeks as it works to defeat the interchange amendment on the bank bill, remained undeterred and vowed to continue pushing to lift MBL cap. “We are disappointed MBL didn't get included at this juncture but will pursue other vehicles, such as a jobs bill,” said Dan Berger, chief lobbyist for NAFCU.
Credit unions will have one more chance to get the MBL initiative added to the Senate’s version of the small business loan fund when the bill moves over from the House. The bill will provide $30 billion of investments in community banks that would be earmarked for lending to small businesses.
Credit unions have been working for more than a decade to get the MBL limit raised from the current 12.25% of assets that was set in HR 1151, the 1998 CU Membership Access Act.
