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News Now

CU System
Cheney CUs can do more small biz lending
NEW YORK (7/30/10)--Credit Union National Association (CUNA) President/CEO Bill Cheney took another opportunity to advocate for increased member business lending in an article in Bloomberg Business Week Thursday. Credit unions are lending--but they can do more, Cheney emphasized. CUNA supports lifting the lending caps on credit unions’ assets, currently at 12.25%, and the group's new CEO has been featured in a variety of publications since taking the CEO position on July 5. Cheney said if the cap was raised to 25% of assets, credit unions could provide $10 billion in lending to small businesses, which could create 108,000 new jobs in the next year. The U.S. unemployment rate fell to 9.5% from 9.7% in May, Bloomberg noted. Companies with fewer than 500 workers employ about half the working population and account for 60% of gross job creation, the publication added, citing Federal Reserve Board Chairman Ben Bernanke.
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