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Washington
Inside Washington (12/11/2009)
* WASHINGTON (12/14/09)--The Treasury is falling short on its small business lending programs, according to the Troubled Asset Relief Program’s (TARP) Congressional Oversight Panel. Elizabeth Warren, who chairs the panel, questioned Timothy Geithner about the Obama administration’s plan to use TARP money for small business lending. Treasury has announced three plans to help, but small businesses are closing every day, Warren said (American Banker Dec. 11). Geithner blamed banks, saying that many are afraid to use TARP money to spark Small Business Administration lending because they fear Congress or Treasury will add to their regulatory restrictions. For the plans to work, banks must be able to get capital from the government to support lending, Geithner said. He announced Wednesday that TARP would be extended to Oct. 3 and appeared before the panel Thursday. The Treasury has announced several small business lending assistance programs, including the Term Asset-Backed Securities Loan Facility ... * WASHINGTON (12/14/09)--Executives from 12 banking companies were slated to meet with President Barack Obama today to discuss his plans to boost small business lending. Represented institutions include Citigroup, JPMorgan Chase and Co., Goldman Sachs and Bank of America. The Credit Union National Association (CUNA) has urged House members to include expanded business lending authority for credit unions in a jobs created bill being drafted by Reps. Nancy Pelosi (D-Calif.) and George Miller (D-Calif.). “Credit unions have been providing business loans to their members for over 100 years. In fact, as banks have pulled back credit from small businesses, credit unions have continuedt o lend and they have the available funds and expertise to do more,” said CUNA President/CEO Dan Mica in a letter to the House ...


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