While some credit unions have experienced losses, it's still may be worth it for them to take a chance on what would happen if the 12.25% of assets member business lending cap was lifted.
Mark Cummins, president/CEO of the Minnesota Credit Union Network, expressed that sentiment in a March 25 letter published in Finance and Commerce.
"As credit unions begin to approach their business lending limit, they will be forced by statute to lend less. That's not what our country needs right now," Cummins wrote. "Credit unions have been making small business loans since they were formed in the U.S. 100 years ago. And in the first 90 years of existence, there was no business lending cap at all. Now is the time to raise the limits-a measure that would not cost taxpayers a dime or increase the size of government."
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