This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the October-21, 2009 issue of Credit Union Times Magazine • Subscribe!
Brother, Can You Spare a Participation Loan?
SAN DIEGO -- REALTORS Federal Credit Union President/CEO Tom Glatt made it clear he's in the market for participation loans, saying NCUA restrictions on his brand new credit union will keep him from meeting his board's aggressive one-year growth goals.
Deposits aren't a problem for REALTORS. Rather, it's loans. Eighty-two percent of NAR members are self-employed. However, the trade association's credit union can't make business loans. Furthermore, loans are limited to a maximum of $650,000 each, which Glatt said prices him out of helping many of his members.
"I have $15 million sitting in an overnight account," he told his keynote audience, "and I'm looking for at least 6%."
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!