Lafayette FCU CEO John Farmakides testifies on Capitol Hill on Thursday.

Congress should lift the member business lending cap for credit unions, John Farmakides, president/CEO of the $364 million Lafayette Federal Credit Union in Kensington, Md., said at a hearing Thursday on Capitol Hill.

“Just in the last year, we’ve been able to assist very small, traditional companies, such as a specialty bakery with a single owner. At the same time, we have made loans to several consulting firms related to government contracting in addition to a trucking delivery service as well as an innovative solar energy compliance company,” Farmakides said in his testimony, presented on behalf of NAFCU to the House Subcommittee on Economic Growth, Tax and Capital Access on Thursday.

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