MBL Discussion Continues as TAG Vote Fails in Senate
As the fiscal cliff approaches in the final weeks of Congressional session, U.S. Senate leadership and the MBL bill’s supporters continue to discuss legislation to increase the business lending authority of credit unions. Last week, the U.S. Senate considered a two-year extension of the banker-supported TAG program, which was one of several possible vehicles of which MBL language could have been attached. As standalone legislation, the TAG legislation failed to reach the necessary 60 votes. From Michigan, Sens. Debbie Stabenow, D-Lansing, and Carl Levin, D-Detroit, are both cosponsors of S. 2231, MBL legislation sponsored by Sen. Mark Udall, D-Colo. In the U.S. House, 10 of Michigan’s 15 U.S. representatives have co-sponsored the legislation. The league recently received word that Congressman David Curson, D-Belleville, who is serving the remainder of Rep. Thad McCotter’s term following his resignation last summer, has added his name as a cosponsor. Support for MBL legislation continues to be at an all-time high. As the “fiscal cliff” and other major issues are considered in the final days of the session, CUNA continues to work on identifying a vehicle that would permit the bill’s passage in the U.S. Senate. To access the MCUL’s MBL CapWiz alerts for both the House and Senate, click here.
Privacy Notice Legislation Passes House, Senate Enrolls ATM Legislation