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Small biz hearing CUNA to testify
WASHINGTON (2/26/10)—St. Mary's Bank CU President/CEO Ronald Covey today will testify on behalf of the Credit Union National Association (CUNA) before both the House Financial Services Committee and Small Business Committee as they discuss the condition of small business and commercial real estate lending. In his testimony, Covey will advocate for lifting the current 12.25% of assets cap on member business lending, which would give well-capitalized credit unions a way to further diversify their portfolios, ultimately lowering overall risk. Covey will also underscore that business lending to members is part of the core credit union mission and that credit unions, including his own, have been been fulfillig that mission for more than a century. The hearing will also feature testimony from Treasury Assistant Secretary for Financial Stability Herbert Allison, U.S. Small Business Administrator Karen Mills, Federal Reserve Governor Elizabeth Duke, Federal Deposit Insurance Corporation Chair Sheila Bair, Comptroller of the Currency John Dugan, and Office of Thrift Supervision Director John Bowman. Other industry representatives and business leaders will testify during the hearing, which has been rescheduled for 9 a.m. E.T. Small business lending, particularly increasing credit unions’ ability to lend to their members with small businesses, was a major topic of discussion for credit union representatives that traveled to Capitol Hill this week. CUNA and credit unions have called on Congress to expand credit unions' ability to work with small businesses by lifting the current member business lending cap of 12.25% to 25% of a credit union's assets.
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