Monday, May 07, 2012 11:05:00 AM
HIGHTSTOWN, N.J. – New Jersey Credit Union League President/CEO Paul Gentile takes on the topic of credit union member business lending (MBL) and bankers’ opposition of legislation to lift the cap in his latest column featured on CUinsight.
In the column, titled “The Secret Is Out: Bankers Don’t Really Care About MBL Reform”, Gentile points out that credit unions want to help small businesses get access to capital and thus fuel economic growth while banks don’t seem to care about small businesses or helping the economy move forward.
“The banker associations are spending record resources to combat this bill,” Gentile points out. “But why? It’s time for banks to question their associations on this effort. While the bank associations are pulling out all the stops to crush MBL legislation, major issues like the reform of government sponsored enterprises Fannie and Freddie are on the table. While they are worried about MBL legislation creating more than 140,000 new jobs and driving $13 billion in new capital to small businesses, we learned last week that 351 community banks that owe some $15 billion in TARP loans are facing a 'significant challenge' in generating funds to repay these loans. Wouldn’t the banker associations be more responsible if they were focusing on this major issue?”
Gentile is a regular contributor to CUinsight. Look for his contributions throughout the year on the CUinsight Web site www.cuinsight.com.
Gentile’s column can be found in its entirety here.