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Mica responds to banker criticisms of CUs
WASHINGTON (12/7/09)--Credit Union National Association President/CEO Dan Mica on Friday responded to banking organizations attempt to dissuade legislators from supporting lifting the member business lending cap for credit unions, saying that their doing so does “a grave disservice not just to America’s credit unions, but to the nation’s small business owners that are the key to our nation’s economic recovery.” The American Bankers Association (ABA) and affiliated state bank associations on Friday attempted to discredit credit union claims in a letter sent to House Speaker Rep. Nancy Pelosi (D-Calif.) and Rep. George Miller (D-Calif.). The ABA letter came in response to Rep. Paul Kanjorski’s (D-Penn.) recent letter which urged the two legislators to consider including his H.R. 3380, the “Promoting Lending to America's Small Businesses Act of 2009,” in their forthcoming jobs bill. While bankers attack credit unions throughout their letter, they say “not a word” on what they would do to help small businesses, Mica said. By objecting to credit union efforts to meet members' increased loan demand, Mica said the bankers, “as they have too often throughout the nation’s financial crisis… are thinking only of themselves at a time when small businesses are in dire need of access to credit.” “Rather than stepping forward to meet the demand, banks have curtailed their lending, a sad fact acknowledged by policymakers, regulators and business leaders alike,” Mica said. “Simply put: lifting the cap is good public policy, especially now. Congress should not be dissuaded by the bankers’ narrow self interest,” Mica concluded.


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