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
Oregon CUs testify on MBL
BEAVERTON, Ore. (8/10/09)--Rick Hein, president/CEO of OSU FCU in Corvallis, Ore., testified Aug. 4 on member business loans (MBLs) before a congressional subcommittee at the invitation of U.S. Rep. Kurt Schrader (D-Ore.). Hein testified at a field hearing in Salem of the U.S. House Subcommittee on Finance and Tax about how credit unions can help small businesses access capital. Hein said the 12.25% cap on MBLs needs to be removed because it has no economic, safety and soundness, or historical rationale. Credit unions could make up to an additional $10 billion in business loans in the first year if there were no lending cap, Hein said, citing Credit Union National Association statistics. “Removal of the cap on member business lending could be a significant step toward getting capital flowing again in our region,” Hein said. H.R. 3380, the Promoting Lending to America’s Small Businesses Act, was recently introduced in Congress. The bill would raise the MBL cap to 25%. The bill also would raise the “de minimus” threshold for a loan to be considered an MBL and exempt loans made to non profit religious organizations and in qualified underserved areas.
Other Resources

RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
9 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
11 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
11 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
11 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
13 hours ago