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Wis. league to media Banks in way of more biz lending
PEWAUKEE, Wis. (8/4/10)--Banks are standing in the way of Congress' allowing credit unions to increase their lending to small businesses and help small businesses obtain credit and create jobs, said the Wisconsin Credit Union League, in an article in Milwaukee, Wis.-based BizTimes.com (Aug. 3). The league expressed frustration because Congress has failed to attach an amendment that would raise credit unions' member business lending cap to 27.5% of assets from the current 12.25% to its Small Business Lending Fund Act. "Banks have admitted they are unlikely to increase their business lending because of regulatory pressure that has forced them to restrict their lending," said Brett Thompson, president/CEO of the Wisconsin Credit Union League. "So, knowing full well they're not going to step up to help, it's ill-conceived that Congress would allow banks to block a credit union provision that could preserve jobs and get Wisconsin firms moving again," he said in the article. (Use the link to read the full article). In a press release, the league noted that "banks have stood in the way, threatening to oppose a bill that includes additional business authority for credit unions--although it comes at no cost to taxpayers and would help generate loans that banks are unwilling to make."
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