CU Small Biz Lending Bill is 'Talk of the Town'

S. 509 needs CUs' continued support, Udall says

March 20, 2012

“Our credit union small-business lending bill is the talk of the town,” Sen. Mark Udall, D-Colo., said as he took the stage at the Tuesday General

“It has the bankers so worked up that they’re organizing an Occupy Main St. movement,” he added. Udall is the sponsor of S. 509, the Small Business Lending Enhancement Act.

With bipartisan support, the bill is a commonsense way to help small businesses
without costing taxpayers a dime, Udall said, adding that’s a “no-brainer. But we couldn’t have come this far without your tireless

The bill needs credit unions’ continued support, however, to get across the finish line.

The Senate is expected to take up the JOBS Act soon, Udall pointed out. That bill has noble goals, among them helping emerging businesses with annual revenues up to $1 billion receive start-up funding. But those aren’t Main St. businesses, he said, and the bill could be helping so many more.

He remains committed to S. 509, and will introduce it as an amendment to anything that moves across the Senate floor this year.

“Your voices are so timely,” Udall said. His final message: “Tell your legislators to call me to sponsor S. 509. Tell them it has bipartisan support. At the very least, ask them to pledge their vote for it.”