Looking back five years ago finds credit unions that serve non-profit religious organizations waiting to see if they will be exempt from the 12.25% of asset cap on member business loans. A week earlier, Rep. Ed Royce (R-Calif.) introduced HR 4701-the Faith-Based Lending Protection Act. “Unless these credit unions are exempt from the member business loan cap, there will be a shortage of available funds to finance these critical loans,” said Royce explaining his decision to sponsor the bill. “In almost every case, the credit unions that are purchasing the loans and participating in making them are not exempt from the MBL limits. If the bill fails to pass the pipeline our funds will dry up.” That issue also finds a growing number of credit unions warming up to the financial aggregation concept despite the arguments by privacy advocates that the technology is “hackerish” since it provides a snapshot of members’ financial lives. “It’s all about perception. It’s a marketing ability to say you can aggregate balances from multiple providers,” said The Golden 1 CU President/CEO Stan Hollen, who ironically w as recently named CEO of The CO-OP Network. (See story page 8.)

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Peter Westerman


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.