News Now

CUNA ire on administration's plan noted in American Banker

WASHINGTON (2/9/10)—The Credit Union National Association's (CUNA's) ire on behalf of credit unions when a recent Obama administration plan proposed to funnel $30 billion into community banks for business lending--but do nothing for credit unions—was highlighted in Monday's "People" section of American Banker.

The article contrasted CUNA's heated outrage to the National Association of Federal Credit Union's more muted response to the president's announcement.

NAFCU, said American Banker, responded by "politely sending a letter to the president" asking for credit union inclusion.

CUNA, on the other hand, "went for the jugular," noting its outrage that the administration's plan did not help credit unions engage in more business lending, the newspaper pointed out.

It further noted that CUNA President/CEO Dan Mica underscored that credit unions can inject more than $10 billion into the economy through increased business lending if the cap on such loans is increased to just 25% of assets. "But the administration overlooked — or snubbed — the opportunity," Mica said in a public statement.

print this story email this story


More Washington