BOSTON — Saying credit unions should crawl before they walk, NCUA Board Member Gigi Hyland said today that Congress ought to consider raising the cap on member business loans in stages for safety and soundness reasons.
She told attendees at NASCUS' State System Summit that the agency is reviewing legislation introduced by Rep. Paul Kanjorski (D-Pa.) to raise the cap from 12.25% of assets to 25% but said the increase should "progress at a slow pace" so credit unions can have detailed plans and don't assume unnecessary risk.
Hyland also said its too early in the discussions for her to take a position on President Obama's proposal to create a new agency to regulate financial products.
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She added that consumer protection should be a central focus of regulatory policy but she wants it accomplished without creating too much additional bureaucracy
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