WASHINGTON – Time is dwindling fast for passage of the member business loan bill, with Congress expected to return next week for as few as seven more work days before it adjourns for the campaign season.
The narrowing time frame means credit unions will have to hope to unstall the bill to raise the cap on member business loans or hope that a lame duck Congress after the election will do what no other Congress has done in the past decade – pass a bill raising MBL limits.
The cramped Congressional calendar means there are only about “seven or eight” legislative days left before Oct. 1 and the oncoming work period, according to Ryan Donovan, chief lobbyist for CUNA.
Credit unions will be working during that time to push the MBL bill to a vote, as well as to move a separate bill that would eliminate one of the two fee disclosures required on ATMs.
John Magill, CUNA’s chief of staff, said he hopes Congress can still vote the MBL bill in any session held after the election, a period which lawmakers usually reserve for either the most urgent or the least controversial bills.