Representative Spencer Bachus (R-Ala.), the most senior Republican on the House Financial Services Committee told attendees of CUNA's Governmental Affairs Conference on Feb. 24 that it was time for Congress to lift the cap on credit union's business lending.
"I think that among the strongest things you have is that your reputation has survived [the financial crisis]," he said and then, referring to Rep. Barney Frank who preceded him to the podium, Bachus added that he had heard Frank refer to member business lending as controversial.
"I agree with him that the topic is controversial, but I believe that if there was a time to raise that level, now is the time do it," Bachus said.
He noted that many larger financial institutions are not making business loans just when the nation needed them to lend.
