Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Oregon CUs testify on MBL
BEAVERTON, Ore. (8/10/09)--Rick Hein, president/CEO of OSU FCU in Corvallis, Ore., testified Aug. 4 on member business loans (MBLs) before a congressional subcommittee at the invitation of U.S. Rep. Kurt Schrader (D-Ore.). Hein testified at a field hearing in Salem of the U.S. House Subcommittee on Finance and Tax about how credit unions can help small businesses access capital. Hein said the 12.25% cap on MBLs needs to be removed because it has no economic, safety and soundness, or historical rationale. Credit unions could make up to an additional $10 billion in business loans in the first year if there were no lending cap, Hein said, citing Credit Union National Association statistics. “Removal of the cap on member business lending could be a significant step toward getting capital flowing again in our region,” Hein said. H.R. 3380, the Promoting Lending to America’s Small Businesses Act, was recently introduced in Congress. The bill would raise the MBL cap to 25%. The bill also would raise the “de minimus” threshold for a loan to be considered an MBL and exempt loans made to non profit religious organizations and in qualified underserved areas.
Other Resources

RSS





print
News Now LiveWire
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
10 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
11 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
12 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
13 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
14 hours ago