Member Business Lending
Senate Majority Leader Reid has promised a vote on MBL legislation before the end of the year and preparation continues for the final vote outcome. Hundreds of meetings have been held by CUNA staff, Leagues and credit unions since GAC, including many over the recent August recess. Every day, there is more confidence in the ability to win an up-or-down vote on the Credit Union Small Business Jobs Act. CUNA is exploring every opportunity to advance this legislation before the end of the year, and understands the banks have priorities that they would like to see addressed in the short-term as well. The overwhelming message received from Senators is that they would like to see a legislative package that includes provisions for credit unions and banks which could benefit small businesses. Combining the Credit Union Small Business Jobs Act and the banks’ extension of the Transaction Account Guarantee Program (TAG) could produce exactly that type of package. CUNA continues to work closely with key leaders in Congress to ensure that TAG does not move without MBLs.
On Wednesday, CUNA is cosponsoring a policy briefing with the Hill newspaper entitled, “Access to Capital for Small Businesses.” Senator Mark Udall (D-CO) and Representative Ed Royce (R-CA) will speak at this event along with many MBL coalition partners. Additional research on the issue has been produced and will be presented by the Small Business Majority and R Street Institute.
ATM Fee Disclosures
In July, the House of Representatives passed the ATM Fee Disclosure bill (H.R. 4367 / S. 3204) by a vote of 371 – 0. The bill remains stalled in the Senate by unrelated matters. The Senate Banking Committee leadership has combined the ATM bill with a piece of legislation designed to protect the privilege of information submitted to the CFPB. This combined legislation (S. 3394) is being held by Senator DeMint (R-SC) for reasons unrelated to either issue. Senator DeMint has had a hold on the stand alone privilege bill (S. 2099) because he wants an up-or-down vote on the repeal of the Dodd-Frank Act. He is unlikely to release his hold on S. 3394 unless he gets that vote; and, he is unlikely to be granted that vote. So, we’re at a standstill right now. To be clear: CUNA supports moving the ATM bill as quickly as possible – whether it is combined with the privilege bill or on its own. CUNA believes that the ATM bill, which currently has more than 60 cosponsors, could move quickly if it was put forward as a stand-alone measure.