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L.I. editorial Include CUs small banks in bill
LONG ISLAND, N.Y. (2/9/10)--Allowing credit unions to expand their small business lending programs makes sense now that President Barack Obama has announced a program to lend community banks $30 billion, according to an editorial in the Long Island Business News. “The Credit Union National Association, which obviously supports any legislation that would expand its members’ scope, argues that the legislation would create 7,000 jobs in New York without government expenditures,” the Business News said. “The pitch as a whole makes sense, but we’ve worried that linking credit unions to small businesses while also bailing out giant banks would leave community banks in the cold. “Now, however, there is a plan to include community banks in the economic turnaround,” the publication continued. “In his State of the Union address last week, President Obama advocated a new government program that would lend community banks $30 billion. That money would then be lent to small businesses. "And once those banks are involved, allowing credit unions to expand their business-loan programs would be a lot less offensive,” the Business News concluded. U.S. Sen. Kirsten Gillibrand (D-N.Y.) wrote an op-ed piece in the Jan. 29 issue of the Business News and explained why she backs member business lending (MBL) at credit unions. She co-sponsors a bill that would raise credit unions’ MBL cap and increase the loan amount that would trigger the cap (News Now Feb. 1). To read the editorial and the News Now article, use the links:
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