ATLANTA-- Given the distrust some of the banks are grappling with lately, not raising the member business lending cap now would be a missed opportunity for the credit union industry.
That's the sentiment expressed by Jim Gallagher, president of Member Business Solutions LLC, at the CUSO's Credit Union Small Business Summit today.
"If we can't do it now, I sincerely doubt that we will have this opportunity to get it back," Gallagher warned.
Like many in the industry, Gallagher said naysayers only need to compare the business loan chargeoff and delinquency numbers between credit unions and banks. And with all of the vitriol from banks and other critics, CUs still only have a miniscule share of the business lending market compared to banks, he added.
"I think there's always going to be some who will point to the small amount of losses [in the credit union industry]. But for the most part, credit unions have managed their portfolios quite effectively."