Former Treasury Secretary John Snow endorsed raising the cap on credit union business and commercial lending and told attendees at PSCU's 2010 Member Forum that he hoped credit union efforts to raise it would succeed.
"I hope your efforts [to raise the cap] prevail," Snow told the attendees, recounting how as Treasury Secretary under the George W. Bush Administration he drew the ire of banking groups by not backing an effort to tax credit unions.
"When you tax something, you have less of it, and we need more credit union activity, not less," Snow said, amplifying his previous observations that credit unions have money to lend and "we need lending in this country."
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