Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Cheney to IFox Biz NewsI CUs have history of biz loans
MADISON, Wis. (7/28/10)--Credit unions are seeing signs of improvement for members as they strive to come out of the recession, and credit unions want to do more to help by providing more small-business loans, Bill Cheney, president/CEO of the Credit Union National Association (CUNA), told Fox Business News Monday. “We’re seeing a lot of signs of improvement actually,” Cheney said, when asked how he thought consumers were faring. “We’ve seen delinquency rates at credit unions decline and loan losses decline--a lot of good signs.” An accompanying graphic on the show indicated how credit unions nationwide have significantly lower delinquency and net charge-off rates than banks. Credit unions are the only lenders that are aggressively lending wherever they can--to small businesses in particular, Cheney said. When asked about the obstacles to passing a pending amendment to an economic stimulus bill in Congress that would lift credit unions’ small business lending cap to 27.5% of total assets from the current 12.25%, Cheney pointed to banks. “The only real hang-up is banks’ opposition,” he said. “Bankers aren’t lending and they don’t want credit unions to lend, either.” If the amendment passes, CUNA estimates that, in the first year, credit unions could lend $10 billion and create 108,000 jobs to help the country come out of the recession, Cheney added. He also pointed out that the earliest credit unions were making business loans 100 years ago, and that today---in some markets--credit unions are the No. 1 small-business lenders. “It’s common-sense legislation,” Cheney said. “There is no good policy argument not to do it, and we think it ought to happen soon.” To see the video, click on the button.
Other Resources

RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
17 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
21 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
22 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
23 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago