WASHINGTON—The political pitch to raise the credit union member business lending cap are claims that doing so will spur job growth. According to credit union executives that attended this year's Governmental Affairs Conference, that claim is more than just wishful thinking.
Laura Illig, vice president of marketing at the $900 million SELCO Community Credit Union, said her Eugene, Ore.-based cooperative has turned members away because of current member business lending limits.
"We have small business owners come to us all the time because the banks have turned them down," she said, "and then we also have to turn them down because of the cap."
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