WASHINGTON – Sen. Mark Udall (D-CO) made an appeal to his colleagues yesterday urging them to include a credit union member business lending (MBL) amendment in legislation currently under consideration, the Jumpstart Our Business Startups (JOBS) Act. However, it has been indicated that Senate leadership will severely restrict amendments to the bill.
On the Senate floor during debate on the JOBS Act, Udall urged his colleagues to allow credit unions to do more to help small businesses grow and create jobs through increased MBL authority.
He noted the stories of Coloradoans who were turned away by banks when they sought additional capital for their small businesses, but who were offered the needed bridge loans by their credit unions to subsequently grow and add new jobs to their communities.
Noting bankers' opposition to an increase in MBL authority for credit unions, Udall said, "This isn't about banks or credit unions. This is about small businesses."
Udall said the problem with the JOBS Act is that Congress is "leaving the little guy behind." He added that his MBL amendment would be the only piece of the JOBS Act that would help small businesses and create jobs. He underscored that credit unions stand ready and able to help small businesses grow and are being hindered by the government cap on loans.
CUNA Executive Vice President John Magill Wednesday night lauded Udall's effort to attach MBLs to the JOBS Act. But, he added, there will be other, must-pass bills throughout the year that could prove a viable MBL reform vehicle if needed.
The Senate vote on the JOBS Act is expected as early as today.
The nationwide “all-hands” MBL Call-to-Action continues.
Credit union advocates can easily help support this taxpayer free, common sense approach to job creation by taking a few minutes to visit the Credit Union Online Grassroots Action Center where they can send pre-drafted emails to New Jersey’s two senators.
The Credit Union Online Grassroots Action Center is available here.