Obama prods bankers to do more - KWWL - Eastern Iowa Breaking News, Weather, Closings

Obama prods bankers to do more

WASHINGTON (KWWL) - Some banks are responding to President Barack Obama's challenge to increase lending.

Obama met with bank executives today at the White House and urged them to find creative ways to free up lending and to drop their opposition to an overhaul of the nation's financial industry.

The president told the bankers they were obliged to help after being rescued by taxpayers.

Bank of America says its CEO, Kenneth Lewis, told Obama that his bank will lend $5 billion more to small- and mid-sized businesses next year than it did in 2009, as part of its effort to support an economic recovery.

That follows a pledge from JPMorgan, which said last month that it would boost lending by $4 billion.

US Bancorp CEO Richard Davis said his bank would be willing to take a second look at every loan it rejects. And he says he'll present that idea to other members of the Financial Services Roundtable, a group representing the largest financial companies.

Online News Director Nate Leding

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