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News Now

CU System
NWCA to SBA roundtable Let CUs lend more
SEATTLE (9/30/11)--Puget Sound-area credit unions stressed the need to make more make business loans and the burden of overregulation during a recent roundtable sponsored by the Small Business Administration (SBA) and the Northwest Credit Union Association (NWCUA). The event was organized after the Obama administration directed federal agencies to ask business leaders for ideas on job creation (Puget Sound Business Journal Sept. 23). It is one of about 100 similar roundtables to be held nationwide. Credit unions seek to raise the member business lending cap to 27.5% of assets from the current 12.25%, a point stressed during the roundtable. Credit unions could lend as much as $13 billion and create as many as 140,000 jobs nationwide, said Bill Anderson, chairman of the NWCUA, citing data provided by the Credit Union National Association, which also is pressing Congress to raise the cap. During the roundtable, credit unions also cited an increasingly burdensome regulatory environment. At least one NWCUA member has four executives dedicated to compliance, Anderson said. Because credit unions dedicate more to compliance, they have fewer resources to make loans, Anderson said. Calvin Goings, regional administrator of the SBA, which hosted the roundtable, will share the credit union concerns with the White House, Anderson said.


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