The United States Conference of Mayors has encouraged members of the U.S. Senate to support "efforts to strengthen small businesses and local economies" by voting in favor of the Credit Union Small Business Jobs Act (S. 2231), which would increase the credit union member business lending (MBL) cap.
S. 2231, which could come up for a Senate vote at any time, would increase the MBL cap to 27.5% of assets. The Credit Union National Association (CUNA) has estimated that lifting the MBL cap to 27.5% of assets, from 12.25%, would create 140,000 jobs and inject $13 billion in new funds into the economy during the first year after enactment. Both benefits come at no cost to taxpayers. S. 2231 currently has 22 Senate co-sponsors. Read More