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March 10, 2011 – The credit union member business loan cap lift proposed by Sen. Mark Udall, D-Colo., in S. 509 is "a positive first step in assisting American small business owners during these difficult times," NAFCU's chief lobbyist, Dan Berger, told Senate leaders Wednesday.

Udall introduced S. 509, the Small Business Lending Enhancement Act, late Tuesday with 13 original cosponsors. It would allow a gradual increase in eligible credit unions' MBL cap from 12.25 percent assets to 27.5 percent, in accordance with strict safety-and-soundness measures. It awaits action of the Senate Banking Committee.

Berger, NAFCU's executive vice president of government affairs, urged Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., in a letter last night to cosponsor the measure and allow it to come to a vote during this Congress.

"We can all agree that he strength of the economy and labor force is strongly influenced by the health and well-being of the small business community," Berger said. "NAFCU member credit unions stand ready to bolster efforts to extend credit to small businesses from as many resources as possible."

The letter was copied to all U.S. senators.