Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA keeps up drive CUs can help countrys credit job woes
WASHINGTON (1/29/10)—The Obama administration should not overlook credit unions as part of the solution to the country’s credit and job woes, Credit Union National Association President/CEO Dan Mica reiterated after the president’s State of the Union Address Wednesday night. CUNA had called on President Barack Obama to endorse credit union member business lending (MBL) as part of the solution to the small business credit crunch in his State of the Union address. Legislation that would lift the MBL cap is pending in both the House and the Senate, and CUNA estimates lifting the cap could result in as much as $10 billion in new capital for small businesses and the creation of over 108,000 new jobs within one year. After hearing Obama’s remarks, which did not include credit unions, Mica said, “We are disappointed that the administration is going to give banks $30 billion in taxpayer money in the hope that they do the right thing and lend it to small businesses, while keeping the credit union no-cost-to-the-taxpayers solution on hold.” The $30 billion is a reference to Obama’s proposal to channel that amount in TARP funds to community banks to encourage them to lend. “Remember, banks are the ones who are telling Congress -- as recently as two weeks ago -- that demand for small business loans is down. Credit unions know there is demand for small business loans and they are ready to lend,” Mica said. “Mr. President,credit unions are willing and able. Tell Congress to lift that cap and let credit unions help small businesses." CUNA will continue to press the MBL issue with key U.S. Treasury Department officials and in the U.S. Congress.
Other Resources

RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
4 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
8 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
8 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
9 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
9 hours ago