The Obama administration put its support for raising the cap on member business loans to as much as 27.5% assets in writing yesterday when Treasury Secretary Timothy Geithner wrote House Financial Services Committee Chairman Barney Frank that his department “could support proposals to increase credit union member business lending provided safety and soundness issues are addressed.”

Geithner, who was providing details to a proposal outlined by Treasury Department Counselor Gene Sperling at a House Financial Services Committee hearing last week, said they favor an approach that would “maintain the current limit [12.25% of assets] for most credit unions but increase it for those that meet certain higher standards.

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