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Mica in IBusiness WeekI Lifting MBL cap will boost economy
WASHINGTON (3/24/09)--Credit Union National Association (CUNA) President/CEO Dan Mica recently spoke to BusinessWeek about the benefits of raising credit unions’ member business lending caps. Lifting the caps would boost the economy, while creating a small business “lending bubble” would be a mistake, Mica told the publication. “You have to draw that line very carefully,” Mica said. “But people who do lending for a living are very good at making the distinction between businesses that need extra help without being imprudent in their decisions.” Credit unions are the “best-capitalized” financial institutions left in America, and could put $10 billion into the economy if member business lending caps are raised, he said. The article also noted that Mica spoke with President Obama’s adviser Valerie Jarrett at a press conference March 16 about the caps, which limit credit unions’ member business lending to 12.25% of their assets. Credit unions would like to give small businesses more help, and credit unions have loan default rates of less than 2%, Mica added. “We have a record of lending to small companies, and we know how to do it,” Mica said. He noted that Sen. Charles Schumer (D-N.Y.) expressed his intent to draft a bill to lift the cap this year. For the full article, use the link.
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