The bank lobby took the opportunity Friday to point to a credit union failure as a reason to keep the current cap on member business lending.
The Independent Community Bankers of America noted that the $301 million Telesis Community Credit Union had been granted special permission to lend beyond the current 12.25% cap.
Failed business loans have been blamed for the demise of the Chatsworth, Calif., credit union, which on Friday was liquidated by regulators and sold to Premier America Credit Union, also in Chatsworth.
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