Gillibrand Pushes For Increased Credit Union Lending To Small Businesses
Wednesday, December 5, 2012 - 12:44 PM
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.