Report says credit union industry’s health got slightly better last year but there is still much room for improvement.
Claiming it is being made a scapegoat, a Hollywood, Calif. credit union, the $83 million Musicians’ Interguild, is wrangling with regulators this week over how to treat modifications on real estate loans written as interest-only and now deemed delinquent on Call Reports.
Gary Jester in, Diane Johnson out at conserved Oregon CU.
If Congress allows credit unions to make more business loans, the industry can expect even more supervision from the NCUA.
Credit unions have been making headway in loan origination growth year to date even though the loans coming off the books are moving faster in general.
The pace of small business growth has been unprecedented over the past few years. Small businesses employ nearly half of the U.S. private payroll, accounting for nearly two-thirds of job growth since 1993.
PORTLAND, Ore. — When the business lending slump was at its peak a few years ago, entrepreneurs who were working with Redwood Credit Union and Orange County’s Credit Union were likely immune to the collapse.
Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
The industry debate over the propriety of the public campaigns of small, deeply troubled inner city credit unions to raise capital among other CUs and the citizenry has generated lively and sometimes strident rhetoric.
Signs are cautiously pointing to an economic recovery nationwide. The national unemployment rate fell by one percentage point in the past year, and even in the hardest hit sand states, job outlook statistics improved.