MBL: House Hearing Rehears Bank-CU Feud: Onsite Coverage
WASHINGTON — Same arguments, different venue.
While the topic was ostensibly a bill to raise the cap on credit union member business lending, credit unions and banks sparred over a range of subjects at an Oct. 12 House subcommittee hearing.
In her opening statement, Matz said raising the cap would allow credit unions to diversify their investments and mitigate risks. However, the bankers and some of their allies on the committee said the additional lending would jeopardize safety and soundness because commercial loans are riskier.
Scott asked York how CUNA came up with its estimate that raising the cap would create 140,000 new jobs.