Industry experts say due diligence can help credit unions avoid losses like those suffered by the $620 million Alabama One Credit Union in Tuscaloosa, Ala., and the Small Business Administration, which were defrauded of more than $3 million by a businessman.
Losses like the $3 million case involving the SBA and Alabama One can be avoided, experts say.
Despite potentially more complications, lengthier time lines and higher risks, more credit unions have begun financing the construction of new homes.
Biz2Credit, a New York company that connects small business with lenders, discovered that scenario during its recent monthly analysis of 1,000 loan applications.
The brutally honest feedback from a recently assembled focus group of small business owners revealed most of them won’t even consider aligning with a financial institution if there isn’t a robust suite of online banking and technology services.
Filene Report examines benefits and risks of microloans and says they might be well-suited to credit unions.
CU Business Group has partnered with Financial Tools Inc. to help credit unions bolster their business lending programs.
In the thick of the economic meltdown that ravaged the housing market a few years ago, churches in some communities were among those that felt the bruises of foreclosures more than other properties.
While it’s valid for the NCUA to make risk management a priority when it comes to business lending, recent guidance from the regulator could hinder and discourage credit unions and CUSOs running solid programs.
California credit union enters another round in legal battle with Without Walls International Church in Lakeland, Fla.