Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Small biz hearing CUNA to testify
WASHINGTON (2/26/10)—St. Mary's Bank CU President/CEO Ronald Covey today will testify on behalf of the Credit Union National Association (CUNA) before both the House Financial Services Committee and Small Business Committee as they discuss the condition of small business and commercial real estate lending. In his testimony, Covey will advocate for lifting the current 12.25% of assets cap on member business lending, which would give well-capitalized credit unions a way to further diversify their portfolios, ultimately lowering overall risk. Covey will also underscore that business lending to members is part of the core credit union mission and that credit unions, including his own, have been been fulfillig that mission for more than a century. The hearing will also feature testimony from 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. Other industry representatives and business leaders will testify during the hearing, which has been rescheduled for 9 a.m. E.T. Small business lending, particularly increasing credit unions’ ability to lend to their members with small businesses, was a major topic of discussion for credit union representatives that traveled to Capitol Hill 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.
Other Resources

RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
11 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
14 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
14 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
15 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
16 hours ago