LANSING, Mich. — The Michigan Credit Union League pledged support Friday for Gov. Jennifer Granholm's economic stimulus package, calling a $150 million program of depositing funds into credit unions and banks a worthy endeavor particularly "when contemplating expanded financial counseling and small business lending" by CUs.
In citing cooperation with the Granholm administration to address the state's economic crisis, David Adams, president/CEO, said his trade group also "appreciates the very careful yet aggressive way the foreclosure crisis is being approached as more focus now shifts to lenders' risks."
Under Granholm's stimulus package, the state is seeking a 90-day freeze on foreclosure proceedings, allowing homeowners and lenders to develop payment workout plans.
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Meanwhile, Granholm said she has directed State Treasurer Bob Kleine to make $150 million available to banks and CUs through purchase of certificates of deposit at institutions that commit to lending at least 80% of CD funds to Michigan businesses.
On that, said Adams, "in the months and years ahead, we intend to work with the Governor and the legislature to help Michiganians save, borrow and invest during a tough economy."
Elsewhere, financial CD initiatives with CUs and banks are already underway by state treasurers in Illinois and New Jersey.
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