WASHINGTON – Senate leaders last night introduced a new bill to raise the member business loan cap—identical to the old bill—which will enable Majority Leader Harry Reid to bypass a hearing in the Senate Banking Committee and bring the bill directly to a vote by a full Senate as early as next week, which would be the first time Congress has ever voted on the issue.
The new bill, S. 2231, is identical to the old bill, S. 509, has the same 22 co-sponsors and would raise the MBL cap from 12.25% of assets to 27%, according to Brad Thaler, senior lobbyist for NAFCU. “The reason that it’s been filed this way is it opens the door to it being called up any time,” Thaler told the Credit Union Journal this morning.
Thaler said Senate Leader Reid could call the bill for a vote as soon as next week but a more likely scenario is the Senate waits until after the coming recess and consider it when they return April 16.
The previous bill had been referred to the Senate Banking Committee, which would have to either hold hearings and vote on the bill or discharge it before the full Senate could vote on it. House leaders said they are waiting on the Senate to vote the MBL bill first before taking up an identical measure.
Although credit unions have succeeded in getting an MBL bill introduced in Congress at least five times before, neither the Senate or House has ever voted on it.