Here we go again. Saying that it would “expand the options for small businesses at no expense to taxpayers,” Sen. Mark Udall (D-Colo.) last week reintroduced a measure to raise the cap on member business lending from 12.25% of assets to as much as 27.5% of assets.
PHILADELPHIA — “You know that line about ‘if you build it, they will come?’” asked Oscar Torrealva, branch manager at the $1.3 billion TruMark Financial Credit Union's branch in the financially strapped Eastern North Philadelphia.
While Harborstone Credit Union has been offering business loans since 2002, the Lakewood, Wash.-based cooperative could not have predicted how great member demand would be for the SBA’s programs.
Overturning a proposed debit interchange cap on legal grounds may set a precedent against exempting credit unions from future regulations that affect large banks and other financial institutions.
The interchange cap, loan demand, compliance burdens and corporate pricing are all figuring in the early discussion of those newly named Federal Reserve panels composed of bank and credit union CEOs.
Unemployment, rising debt and financial uncertainty are continuing to change the perception of those who are using payday loans.
Credit unions are slowly navigating their way to connect with members online.
A program developed by the Filene Institute's i3 initiative has won a $300,000 grant from the Center for Financial Services Innovation to roll out a program that will reward CU members who have low FICO scores for making loan payments on time.
The reality of the impact that the enactment of the CARD Act has had on credit unions that offer credit cards to university students has been a mixed bag.
With members expected to continue paying down debt, credit unions could see the same type of savings growth experienced in 2010.
At Visions Federal Credit Union, the face of wealth has taken on different and nontraditional features.
First regulators put the squeeze to your credit unions and now the squeeze is on credit union executives.
On issues such as debit interchange and limiting the growth of future regulations, banks and credit unions are on the same side of the political divide. On others, such as credit unions’ tax-exempt status and raising the cap on member business lending, the industries’ interests diverge.
While credit unions weathered the recession better than large banks, they are searching for new sources of revenue to counterbalance slow loan business and potential losses on the debit card side resulting from the interchange fee cap.
Now comes the hard part. Former New York Governor Mario Cuomo famously said that “you campaign in poetry and govern in prose.”
Lincoln Elementary School recently hosted the Pottstown School District’s Reading Olympics. John Faust (far right), president/CEO of Diamond Credit Union, and Chip, Diamond CU’s mascot (rear, center), were on hand to share in the competition.
Half of the respondents in a 14-country survey about fraud concerns cited cards as their main worry, yet 10% of them in the U.S. said they carry their PINs with those same cards.
Credit unions may be gearing up to assist members even more given that the sale of new cars experienced a 25% increase in January.
Some members of credit unions that sold their card portfolios to banks in agent-issuing agreements will face another round of fees in May as Bank of America has announced it will impose a $59 additional fee on some accounts.
There’s a new name on the horizon for Postal Federal Community Credit Union.
Credit unions are offering business loans at a critical time, just when other financial institutions are pulling back, Iowa Gov. Terry Branstad recently said.
Part of the fallout from the mortgage meltdown is the debate on what constitutes a qualified mortgage.
When NCUA Chairman Debbie Matz spoke at a December Senate hearing on new regulations on natural person credit union risk concentrations, she pointed out that the regulator is also looking into performing its own exams of third-party vendors that provide services to NCUSIF-backed credit unions.
The idea came from someone who worked with the state of North Carolina’s retirement division and who also served on the advisory board at one of State Employees’ Credit Union.
As investors recover from the economic meltdown of 2007 through 2009, they are anxious to find attractive investment returns.
Some members may be among those investors that are still skittish about risk when it comes to their investment choices and if they are adequately prepared to retire.