NAFCU witness to testify on small-biz lending

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Dec. 3, 2013 – John Farmakides, the president and CEO of Lafayette FCU in Kensington, Md., will testify on Thursday on behalf of NAFCU at a House Small Business subcommittee hearing on the challenges of small-business lending since the financial crisis.

The Subcommittee on Economic Growth, Tax and Capital Access hearing is titled “Where Are We Now? Examining the Post-Recession Small Business Lending Environment.” Farmakides will testify alongside witnesses from the Federal Reserve Bank of Cleveland, Dun and Bradstreet Credibility Corp. of Malibu, Calif., the Lending Club of San Francisco, and the S.C. Bankers Association of Columbia, S.C.

NAFCU has a strong history of supporting credit union member business lending and has testified before the Senate Banking and House Financial Services committees on the need to expand credit unions’ MBL authority to support member small businesses’ needs for growth and hiring.

Linda Sweet, the president and CEO of Big Valley FCU in Sacramento, Calif., will testify for NAFCU at another Small Business subcommittee hearing today, on the regulatory challenges facing her and other credit unions since the financial crisis. NAFCU will also be closely monitoring the House Judiciary subcommittee hearing today on bankruptcy and financial institution insolvencies, and the House Financial Services subcommittee hearing tomorrow on regulation relief for community-based financial institutions and allowing privately insured credit unions access to Federal Home Loan Banks.