X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON — Credit unions today came a small step closer to their goal of raising the cap on member business loans when Treasury Department Counselor Gene Sperling and House Financial Services Committee Chairman Barney Frank promised action on additional proposals.

Sperling, in response to a question from Frank at a hearing on expanding small business lending, said the Obama administration supports raising the cap in some instances and would send Congress a proposal that would accomplish that soon. He said they endorse a plan to lift the cap up to 27.5% if the credit union is well capitalized, has done member business lending for at least five years and show that they have done sound underwriting and servicing.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.