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News Now

Washington
House committee to discuss small biz help
WASHINGTON (5/6/10)—The full House Financial Services Committee on May 11 will discuss initiatives to promote small business lending, jobs and economic growth. Witnesses for the hearing, which will be chaired by Committee leader Rep. Barney Frank (D-Mass.), have not been announced at press time. The Credit Union National Association has suggested that small businesses would be helped by lifting the current statutory cap on small business lending by credit unions from 12.25% to 25%. Doing so would inject as much as $10 billion in new funds into the economy and could create up to 108,000 jobs, at no cost to taxpayers, CUNA has said. Legislation that would lift the current MBL cap is active in both the House and Senate.


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