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NAFCU President and CEO Fred Becker is urging credit unions to contact their senators now to urge consideration and passage of S. 2231, which would raise the credit union member business lending cap from 12.25 percent of assets to 27.5 percent for eligible institutions.

The lame-duck Congress came back Monday to resume work on what are expected to be a limited number of legislative issues, including how to avoid the fiscal cliff, defense authorization and a small number of other measures.

Senate leaders hoped to take upaction on the defense package Monday,butby press timethere was still disagreement over amendments. NAFCU lobbyists are staying close to Senate proceedings and watching for any opportunity for action on S. 2231. Such action could occur anytime over the next couple of weeks.

Becker, in a post Monday on The Hill's Congress Now blog, quoted the president in pointing to jobs as the nation's top priority. He urged action now onthe credit union MBL cap increase, a common-sense way to help promote jobs growth. "Our nation's fragile economy desperately needs a jumpstart now and S.2231 remains the best untried option to help create jobs on Main Street," Becker wrote.

The bid for more credit union MBL authority is also receiving support from the R Street Institute, which issued a release and sent a letter to lawmakers Monday that sought to "dispel misimpressions" about credit unions and the potential impact of S. 2231 and the House's bill, H.R. 1418, on bank lending.

"Credit unions write different kinds of loans than banks do," wrote Eli Lehrer, the group's president. "Roughly half of credit union lending, indeed, gets devoted to very narrow business categories – organic farms, taxicab companies – that have great difficulty getting bank credit."

To contact senators in support of S. 2231, dial the U.S. Capitol switchboard at 202-224-3121, or send an email through our grassroots center.

• R Street Institute letter to lawmakers, 11/2
• Becker's letter to Reid/McConnell, 11/19