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CU System
Virginia CUs MBL cap debate addressed in Richmond paper
RICHMOND, Va. (6/2/10)--Virginia credit unions and their push to raise credit unions’ member business lending cap were addressed in a Richmond, Va., newspaper Tuesday. The Virginia Credit Union League’s projections show 2,500 jobs would be created in Virginia if the cap was raised to 25% of assets from 12.25%, Karin Sherbin, league director of government affairs, told the newspaper (Richmond BizSense.com June 1). Raising the cap is a “win-win” for everyone because doing so would help the economy without costing taxpayers, Sherbin told the newspaper. The newspaper also noted the Credit Union National Association’s (CUNA) statistics indicate that credit unions had lower rates of business loan charge-offs than banks through the first three quarters of 2009. Credit unions charged off 0.44%, while banks charged off 2.28%. Credit unions experienced 11% growth in business loans between September 2008 and September 2009, while community banks reported a 7.3% decrease and the banking industry as a whole reported a 15.1% decline during the same time period, CUNA said.
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