New legislation has been introduced to fast track the credit unions quest to expand their business lending. Senator Mark Udall (D-UT) the sponsor of the original legislation, S.509, reintroduced the bill as S. 2231. Udall took the step after S.509 was referred to the Committee on Banking, Housing and Urban Affairs where it was expected to die. The new bill (S.2231) can now be moved to the Senate floor under a procedure called Rule 14. This allows the bill to be brought to the Senate floor after two readings rather than going to a committee where it could get held up.
S.2231 has already been read twice in the Senate and Senate Majority Leader Senator Harry Reid (D-NV) has promised to bring the bill to the Senate floor for a vote. The Senate returns from a break on Monday, April 16. While there is more pressing legislation, S.2231 will have a vote in the next few weeks. PLEASE call or email your Senators and ask them NOT to vote for S.2231. See our Advocacy page for Senator Bob Casey and Senator Pat Toomey’s phone numbers and email information.