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CUNA witness to testify on small business lending
WASHINGTON (2/24/10)--St. Mary's Bank CU President/CEO Ronald Covey, who is testifying on behalf of the Credit Union National Association (CUNA), will be among those discussing the condition of small business and commercial real estate lending before members of the House Financial Services Committee and Small Business Committee on Friday. Treasury Assistant Secretary for Financial Stability Herbert Allison, U.S. Small Business Administrator Karen Mills, Federal Reserve Governor Elizabeth Duke, Federal Deposit Insurance Corporation Chair Sheila Bair, Comptroller of the Currency John Dugan, and Office of Thrift Supervision Director John Bowman will also testify in a separate panel. Other industry representatives and leaders will also testify dring the hearing. Small business lending will be one of the many issues highlighted by credit unions and credit union leagues as they hike Capitol Hill to meet with their state representatives this week. CUNA and credit unions have called on Congress to expand credit unions' ability to work with small businesses by lifting the current member business lending cap of 12.25% to 25% of a credit union's assets. The House Financial Committee is also scheduled to hear Federal Reserve Chairman Ben Bernanke's Semiannual Monetary Policy Report later today, and will discuss finance industry compensation during a Thursday hearing.


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