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March 26, 2012 – Sen. Mark Udall, D-Colo., late Thursday reintroduced the Small Business Lending Enhancement Act as S. 2231 under a rule that leaves the door open to a Senate vote at any time, and NAFCU President and CEO Fred Becker is calling on members to ramp up efforts to build support for action.

S. 2231 is identical to S. 509. It would raise the credit union member business lending cap from 12.25 percent of assets to 27.5 percent for eligible credit unions and task NCUA with writing safety and soundness regulations to implement the added authority. To be eligible, a credit union would have to be at or near its current cap, have at least five years' experience in MBLs, be in a strong capital position and could not grow its MBL portfolio more than 30 percent a year.

Becker emailed members Friday morning calling them to action once more on Udall's MBL cap-lift bill. "With action potentially imminent, we are asking everyone to redouble your efforts," he wrote. "Please call your Senators today and urge them to support the bipartisan efforts to increase the arbitrary credit union member business lending cap as part of S. 2231."

Senate Majority Leader Harry Reid, D-Nev., who remains a cosponsor on S. 2231, has pledged to bring an MBL cap-lift bill up for a vote. Udall's reintroduction of the measure sets the stage for such action.

NAFCU is urging credit unions to call and email their senators to let them know how important an MBL cap lift to their small-business and credit union constituents, and to urge their support for passage. To reach Senate offices, dial 202-224-3121. For online resources, use our Take Action tools.