Content area
Full Text
WASHINGTON, July 20 /PRNewswire/ -- Questioning whether or not expanding the commercial lending authority of credit unions is prudent and in keeping with the historical mission of the credit union industry, the president of the nation's community bank trade group today urged Congress to reject legislation that would nearly double the authority of credit unions to make commercial loans.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000103/DCM001 )
Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), noted that even the GAO, Congress's investigative arm, recently cited the need for greater risk management by credit unions because of the growing concentration of industry assets in large credit unions. "Credit unions should be reducing their risk portfolio, not increasing it," Fine charged.
In a letter to House Financial Institutions and Consumer Credit Subcommittee...