Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
N.Y. CUs tell media why they want MBL cap lifted
NEW YORK (3/23/09)--Loosening restrictions on member business lending at credit unions would not only help small businesses access sorely needed credit, it would also encourage more credit unions to get in the game, several New York credit unions told the media. The additional $10 billion in credit nationwide that could be freed up if the cap--12.25% of total credit union assets--was lifted would constitute a considerable amount of cash that could be injected into businesses, Edward Paternostro, CEO, Nassau Educators FCU, Westbury, told the Long Island Business News (March 19). Also, easing the cap restrictions would encourage more credit unions to take part in commercial lending, Bob Allen, CEO, Teachers FCU, in Farmingville, told the newspaper. With the current cap, smaller credit unions have higher costs with business lending than they make in return on their assets, Allen said. Also, if credit unions could make more commercial loans, they could lend to micro-cap businesses--which are too small to get bank loans, he added. A higher cap would allow credit unions to put more resources, staff, marketing and technology behind business lending, Allen told the paper.
Other Resources

RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
1 Day ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
6 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
7 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
8 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
8 hours ago