Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.
Other Resources

RSS print
News Now LiveWire
Breaking on #NewsNow: Loan balances up 9.8% in 2nd Q, per @TheNCUA http://t.co/sqoJTfHQ8q
3 minutes ago
#NewsNow S.F. paper notes Bay Area CUs' growth, 100M milestone http://t.co/rxl2TrwRIt
31 minutes ago
Take 1 step to prepare See #NewsNow http://t.co/iAmMGHY9V3 HT @AgilityRecovery graphic #NPM @Readygov http://t.co/KDvJl9K9hJ
54 minutes ago
#NewsNow: Seth Carpenter nominated to be @USTreasury assistant sec. for financial markets. http://t.co/SfLjscjrEE
1 hours ago
Newly merged VolCorp #creditunion elects board #NewsNow http://t.co/4nE9uSgBlx
1 hours ago