U.S. Rep. Gary Peters (D-Mich.) speaks at the Michigan Credit Union League & Affiliates Annual Convention and Exposition. Peters told why he backs raising credit unions' business lending cap and thanked them for their efforts to provide affordable auto financing during the financial crisis.
DETROIT (5/22/13)--Credit unions should have the authority to make more loans to small businesses, said U.S. Rep. Gary Peters (D-Mich.), who noted credit unions' auto lending during the darkest days of the financial crisis, at the Michigan Credit Union League & Affiliates Annual Convention and exposition.
"Credit unions should be able to make those loans. We need to raise that cap," Peters said (Michigan Monitor May 21).
Peters is one of the original co-sponsors of this year's version of the bill that would raise the cap on member business lending.
U.S. Sen. Mark Udall's (D-Colo.) Small Business Lending Enhancement Act (S. 968), introduced in the Senate on Thursday, would increase the credit union member business lending cap to 27.5% of assets, from the current 12.25% (News Now May 17). Doing so would generate $13 billion in new loans and create 140,000 jobs, the Credit Union National Association said.
Peters thanked credit unions and the credit union industry for maintaining affordable financing for new-car purchases during the bleakest days for the auto industry in 2009, while banks stood on the sidelines.
Entrepreneur Josh Linker speaks about fostering creativity on the job at the Michigan Credit Union League & Affiliates Annual Convention and Exposition. (Photos provided by the Michigan Credit Union League).
"The credit unions said, 'We will lend for cars,'" Peters said, speaking at MCUL & Affiliates Annual Convention and Exposition. "You stepped up when your country needed you and you made those loans"
Peters also thanked the Michigan credit union community for its endorsement of him for U.S. Senate.
In other events at the convention, entrepreneur Josh Linker encouraged credit union leaders to embrace new ideas rather than stifle creativity.
Fresh thinking should be encouraged, he said, even if it leads to mistakes. "Mistakes are not failure," Linkner said. "Mistakes are the portals to discovery."