Gillibrand Pushes For Increased Credit Union Lending To Small Businesses

 

The New York Democrat is backing the Small Business Lending Enhancement Act, a bipartisan bill to lift restrictions on credit unions, allowing them to more than double their small-business lending. She said the act would create more than $9.4 million in additional business lending in Western New York in one year.

But the banking industry is lining up against the idea. Banks have long complained that the nonprofit, member-owned credit unions have a competitive advantage over them, because credit unions don’t pay taxes but still compete for many of the same customers as banks.


Gillibrand pushes for increased credit union lending to small businesses - Business - The Buffalo News