A recent disbursement of government funds to banks has the Wisconsin Credit Union League calling foul.
The league called out a portion of the $767 million recently coming from the U.S. Treasury Department that went to banks to help get credit flowing to small businesses. The funds are from the $30 billion Troubled Asset Relief Program II earmarked by Congress last year.
Two Wisconsin banks received $15 million and $1.5 million, respectively, according to WCUL President/CEO Brett Thompson. He said the Treasury's move may be ill-advised given that credit unions have had to turn down loans in large part to the 12.25% member business lending cap.
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