The next time President Obama discusses ways to stimulate business lending he would "provide a critical boost" to credit unions by urging a raise in the cap on member business lending.
That's the message CUNA President/CEO Bill Cheney conveyed to Obama in a letter he sent to Obama on Friday.
He added that "politics and opposition from community bankers are preventing policymakers from doing the right thing, supporting the credit union measure."
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Cheney sent the letter the day after Obama gave a speech urging lawmakers to pass a bill that would create a fund that community banks can use to make more commercial loans. Credit unions are working with Sen. Mark Udall (D-Colo.) to add an amendment to the bill, which lawmakers will consider again when they return from recess next month, which would raise the cap on member business loans from 12.25% of assets to as much as 27.5% of assets.
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