Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Mica reminds White House CUs can help
WASHINGTON (3/17/09)—Credit Union National Association (CUNA) President/CEO Dan Mica Monday delivered credit unions’ message directly to the White House: they are ready to help the country’s small businesses jumpstart the economy. Mica and CUNA Deputy General Counsel Mary Dunn attended President Barack Obama’s unveiling of his administration’s small business initiatives. Mica said the president made it clear he firmly believes an economic recovery will be driven in large part by America's small businesses, with their creation of new jobs. But President Obama noted, Mica said, that as the flow of credit has dried up during this recession, small business owners—even those who were prudent and responsible--have been set back by the behavior of others in our financial system who were not. “CUNA’s Mary Dunn, greeting the President, told him that credit unions want to help small businesses, too,” Mica said, adding he advocated for credit unions to work with senior White House staff. Mica reiterated that credit unions could lend up to $10 billion if a statutory 12.25% cap were lifted from their member business lending authority. Obama announced his program “Unlocking Credit for Small Businesses.” Under some of the program’s provisions:
* The U.S. Treasury Department will help provide a secondary market for small business loans by purchasing up to $15 billion in securities, and be prepared to purchase securities Pooled from the Small Business Administration’s (SBA) flagship 7 (a) guaranteed lending program; * The SBA will temporarily raise guarantees to up to 90% in the 7 (a) program, and temporarily eliminate certain SBA loan fees to reduce the cost of capital; and * The Treasury would require new reporting on lending to small businesses and promote greater efforts to extend small business loans.


RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
20 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
21 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
21 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
23 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
1 Day ago