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CUAO op-ed Theres nothing more local than a CU
BEAVERTON, Ore. (2/9/10)--There’s nothing more local than a credit union, Pamela Leavitt, Credit Union Association of Oregon senior vice president of governmental affairs and public relations, wrote in the Statesman Journal in a Sunday op-ed. Credit unions offer more favorable rates on savings and loan products than banks, and seek to serve their member-owners--as opposed to banks, who serve their shareholders, Leavitt wrote. She noted that credit unions are working to generate support for legislation that would allow credit unions to increase their ability to lend to small businesses. The legislation would lift the member business lending cap to 25% of assets from 12.25%. The change could provide $10 billion in new small business loans and 108,000 new jobs. In Oregon, that equals $227 million in loans and 2,400 jobs, Leavitt said. “Credit unions are actively lending while other funding sources have dried up or increased the number of hurdles to jump,” she added. To read the op-ed, use the link.
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