Mica Testifying on Small Business Lending
CUNA President/CEO Dan Mica is scheduled to discuss ways Congress can improve lending opportunities for small business and make a pitch for raising the cap on member business loans during testimony before the House Financial Services Committee tomorrow.
Mica, will be testifying with state and federal officials as well as representatives of organizations representing community bankers and architects at the hearing, which is scheduled to begin at 1:00 p.m.
In the wake of continued high unemployment, the Obama administration is putting together another jobs creation package, which will focus heavily on making more capital available to small businesses.
The administration has already put forth a proposal to allow community banks to borrow money returned by borrowers from TARP so they can lend to small businesses.
Credit unions are pushing to have the cap on member business loans lifted to 12.25% of assets to 25% of assets. Legislation that would accomplish that has been introduced in both the House and Senate.