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Credit Unions Drove Home Key Biz Lending Points at Hearing

While credit union representatives each had their five minutes of fame at the House Financial Services and Small Business Committees' hearing on business lending, that was about all the attention they received.

By Sarah Snell Cooke | Updated on February 25, 2010

While credit union representatives each had their five minutes of fame at the House Financial Services and Small Business Committees’ hearing on business lending, that was about all the attention they received.

In his introductory remarks, Ronald Covey, president/CEO of St. Mary’s Bank testifying on behalf of CUNA, stated, “Our CU involvement in business lending dates back to the first days of the movement. It’s in our DNA.” He noted his credit union’s involvement in the Small Business Administration programs and state programs. Covey also highlighted that St. Mary’s average business loan is under $200,000, but his credit union is still nearing the cap and if all loans in the pipeline were to be approved it would push his credit union $5 million over its 12.25% of assets cap.

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