WASHINGTON — Credit unions declined to comment on the immediate effect of the financial rescue plan signed into law on Friday afternoon. But one attorney suggests that CUs look for alternative sources of capital and to Europe for new loan products.

Paul Schieber, an attorney with Blank Rome, said the program will make it easier for credit unions to sell their loans on the secondary market. But, he said, as no one knows what the secondary market is going to look like in a couple of months, he suggested that “smart credit unions” start looking for new sources of market funding such as the Federal Home Loan Banks.

Schieber suggested that credit unions look at European loan products for ideas. For example, he said, in Australia it is common to tie an insurance policy to a mortgage.

Schieber thinks the secondary market will be stronger in a year or two, driven by pent-up demand, new players and new sources of capital. And, buyers of the securities purchased by the government under the plan will be able to refinance those securities, he said.

“There are opportunities for people to become creative–not riskier–just more interesting,” he concluded.