Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Rep. Garrett meets with small-biz leaders at CU
U.S. Rep. Scott Garrett (R-N.J.), left, meets with small-business leaders at a meeting held Friday at Greater Alliance FCU in Paramus, N.J.  (Photo provided by the New Jersey Credit Union League)
PARAMUS, N.J. (3/26/12)--U.S. Rep. Scott Garrett (R-N.J.) met with small-business leaders Friday at Greater Alliance FCU in Paramus, N.J. to learn about issues facing small businesses.

Patrick McGrath, Greater Alliance president/CEO, welcomed Garret. Small-business leaders attending said they are concerned about access to credit and about growing regulatory burdens (The Daily Exchange March 23).

Paul Gentile, president/CEO of the New Jersey Credit Union League, told Garret and the group raising the member business lending cap (MBL) would accentuate the issues small businesses face in getting access to credit.

"Congressman Garrett is well aware that raising the MBL cap would open up $13 billion in capital for small businesses and create more than 100,000 jobs," Gentile said. "New Jersey's credit unions want to help small businesses like those in the room today grow their business. Raising the MBL cap will help do that."

The Credit Union National Association (CUNA) and credit unions are asking Congress to increase credit unions' MBL cap to 27.5% of assets from 12.25%. Doing so would open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers, CUNA said.


RSS print
News Now LiveWire
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
3 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
4 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
5 hours ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
6 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
6 hours ago