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News Now

CU System
Rep. Michaud CUs should make business loans
BANGOR, Maine (2/4/10)--Legislation that would enable credit unions to help the economy rebuild by offering member business loans received support in statements made by Rep. Mike Michaud (D-Maine) in an article in the Bangor Daily News. In Tuesday's article about the government's $154 billion stimulus bill, Michaud said it is unlikely the House stimulus bill will be accepted by the Senate and that it's important that the House and Senate work on a compromise that not only keeps safety net programs, but also helps further "jump-start" the economy. He noted that government should be looking at other steps to take to help the economy while not costing the Treasury. Legislation is under consideration that would allow greater business loans from credit unions, Michaud said. The banking lobby is opposing the legislation, even though they are not providing the credit needed by companies. Its passage would help the economy rebuild, he said. "If the banks are not going to give them access to capital, and the credit unions have that capital available to loan businesses, then they should be able to make those loans," Michaud told the publication. The legislation, supported by the Credit Union National Association, would increase credit unions' member business lending cap to 25% of assets from 12.25% and raise the minimum threshold for a loan to be considered a member business loan to $250,000 (News Now Dec. 22). For the full article, use the link.
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