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CU System
Let CUs help create jobs says IScranton Times-TribuneI
SCRANTON, Pa. (7/20/10)--The consumer benefits that could be derived from an increase in credit unions’ member business lending continue to receive positive media attention. The Obama administration and Federal Reserve Chairman Ben Bernanke have been pushing to loosen credit for small businesses, according to an editorial in the Friday Scranton (Pa.) Times-Tribune. A bill in Congress would allocate $30 billion through community banks to small businesses to help them expand or increase their payrolls, the newspaper added. “An amendment to the bill could produce more capital for small businesses without additional federal spending,” the paper said. “It would create a regulatory change, authorizing credit unions to increase small business lending from 12.25% of an institution's total assets to 27.5%. According to the National Credit Union Administration, which cited Credit Union National Association Statistics, “the change could make available about $10 billion in additional credit for small businesses, enough to help those businesses create up to 100,000 jobs,” the paper added. The $10 billion infusion to small-business lending can be accomplished quickly without any cost to taxpayers, and therefore Congress should pass the amendment, the paper concluded. To read the editorial, use the link. SEE RELATED STORY (“MBLs could be front and center in Senate”).
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