KENSINGTON, Md. – The $331 million Lafayette Federal Credit Union has applied to convert to a bank, according to the Office of Thrift Supervision.
Lafayette is led by CEO Michael Hearne, who has campaigned to lower some of the barriers and limits for credit unions making small business loans. Hearne has even testified before Congress on behalf of CUNA on the issue.
Hearne is a former official with the Small Business Administration who served in the office of the agency's chief financial officer for seven years before taking over for Bill Brooks. Brooks was a well-known credit union CEO active on the national scene. He earned recognition for his work with the Credit Union Cherry Blossom Run.
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On March 30, 2005, Hearne predicted to Credit Union Times that his CU would be one of those which would bump up against the 12.25% member business lending cap and said he found it completely arbitrary that his CU could only make half the member business loans a $600 million CU that served firefighters could make.
As of March 2006, the CU had 67 member business loans outstanding, totaling just over $23 million.
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