CUNA and NAFCU are using today's hearing by the House Financial Service on small business lending to reiterate their push to raise the cap on member business loans from 12.25% of assets to 25%, even though the legislation being considered doesn't currently include such a proposal.
"If Congress intends to give community banks $30 million in taxpayer money as an incentive to lend, why would Congress not also increase the credit union business lending cap and permit credit unions to use existing resources to lend to their business-owning members? This is a question small businesses, credit union employees and volunteers ask me every day," CUNA President/CEO Dan Mica said in his written testimony that the committee released.
Mica is scheduled to tell lawmakers that CUNA doesn't oppose the proposal, first unveiled by President Obama in January, which would have the government redirect money from loans paid back under the TARP program to a fund that community banks with assets of less than $10 billion could borrow from.
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