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A bipartisan consensus of economists has told us repeatedly that one of the keys to creating jobs is increasing small businesses’ access to loans. Yet while the economy is inching toward recovery, large and small banks are still reluctant or unable to lend. In every state in the nation, credit unions are ready to make responsible loans. But federal law currently prohibits them from lending more than 12.25% of their total assets. It’s an arbitrary and outmoded cap that’s unnecessarily holding our economy back.

Peter Westerman

Credit Union Times

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