If credit unions want to stay two steps ahead of their competitors, a lofty yet doable goal is ensuring that their boards, supervisory committees and auditors put their differences aside and get on the same page
Surrounding the chocolates, roses and love-filled greeting cards that made the rounds in Washington on Valentine’s Day, was an announcement from Rep. Ed Royce (R-Calif.) re-introducing a bill that would increase the member business lending cap from 12.25% of assets to 27.5%.
In 2012, the NCUA reported nearly 1,500 federally insured credit unions had loan participations with total balances of nearly $13 billion.
Participation loans also seen as way to boost business as member business lending cap hike reintroduced again in Congress.
Against a backdrop of a groundswell of support to expand business lending authority, one outcome is becoming an unfortunate black eye on those efforts.