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News Now

Washington
Inside Washington (10/05/2010)
* WASHINGTON (10/6/10)--Sen. Olympia Snowe (R-Maine), ranking member on the Senate Committee on Small Business and Entrepreneurship, has asked Elizabeth Warren--who is leading the new Consumer Financial Protection Bureau--for a detailed plan explaining how she will implement small business review panels at the agency. Snowe introduced an amendment in the regulatory reform bill that would create small business advocacy review panels within the agency to consider the impact of federal regulations on small business. A recent Small Business Administration report Snowe cited indicates that regulatory compliance costs small firms 36% more on average per employee than large firms. Firms with fewer than 20 employees spend $10,585 per employee, compared to $7,755 for firms with 500 or more employees ... * WASHINGTON (10/6/10)--Loans generated by the Small Business Administration (SBA) accounted for more than $22 billion in 2010--a 29% increase over 2009--as a result of successful loan enhancements put in place under the American Recovery and Reinvestment Act of 2009, according to the SBA. The SBA made 54,833 loans through its 7(a) and 504 loan programs in fiscal year 2010, compared with 47,897 loans amounting to $17 billion in fiscal year 2009. The highest loan volume in a single month in fiscal 2010 was in November 2009, with $2.18 billion in loans. November 2009 also was the highest single month loan volume SBA had seen since September 2002 when it was $2.34 billion. “The success of these loan enhancements has meant tens of thousands of small businesses have been able to get the capital they needed to not just survive the recession, but to grow and create much-needed jobs in communities all across the country,” said Karen Mills, SBA administrator ... * ALEXANDRIA, Va. (10/6/10)—The National Credit Union Administration’s campaign to raise awareness of its account insurance program began in earnest on Tuesday, as NCUA Chairman Debbie Matz spoke on radio stations in key markets nationwide. “In the past few years, millions of people moved their money from other investments to credit unions – and I want to be sure that consumers do everything they can to set up their accounts so that all of their money is protected,” Matz said. The NCUA-branded “radio tour” precedes the NCUA’s "keep your money NCUA-safe" campaign, which features television, radio and billboard ads with financial guru Suze Orman touting the benefits of NCUA account insurance. The ads aim to educate potential and current credit union members on the similarities between the NCUA and Federal Deposit Insurance Corporation's customer account guarantees. The NCUA made the $250,000 account fund guarantee permanent earlier this year…


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