For its lending efforts, the $3 billion Randolph-Brooks Federal Credit Union has been named the Small Business Administration's top 7(a) program lender in the country in the small lending category.
The Live Oak, Texas-based credit union began offering SBA loans in 2006. In 2008, RBFCU made more than 200 SBA loans, according to the agency. In all, RBFCU has 372 SBA loans totaling $17.2 million, the credit union said.
While the SBA does not have a credit union lender of the year award, RBFCU was scheduled to be the only credit union honored at last week's National Small Business Week's recognition activities, said Carol Chastang, a SBA spokeswoman.
The SBA said it is recognizing financial institutions "for a combination of factors, most saliently financial assistance provided, whether in the form of loans, investments, surety bonds, and their continued commitment to and support for small business during a time of economic upheaval and credit shortages."
Kenan Pankau, business services lending manager at RBFCU, was scheduled to accept the award during an SBA ceremony.
The SBA named Compass Bank in Birmingham, Ala. as its top 7(a) program lender in the large lender category.
PSCU Financial Develops
Small Biz White Papers
PSCU Financial Services has created a series of white papers to help credit unions decide on whether to serve the small business market.
The first paper, "The Small Business Opportunity," describes small business owners as "super consumers" who seek multiple services for their personal and business finances, including credit and debit cards, online bill payment, checking, savings, 401(k) retirement plans and others. It is available at http://www.pscufs.com/press_room/white_papers_research.htm.
PSCU Financial said the next paper will help credit unions create a customized program for small businesses that manages risk and includes measurement tools. The white papers are free and will be available on the CUSO's Web site (www.pscufs.com).
"Given the current instability among larger financial institutions, credit unions represent a safe harbor for small businesses and a compelling alternative to traditional banks," said David Serlo, president, PSCU Financial. "Owners also tend to be very loyal to the primary financial institution that helped them grow their business."
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N.Y. Association Meets
With Fryzel, Lawmakers
Representatives of the Credit Union Association of New York discussed the Temporary Corporate Credit Union Stabilization Fund and other issues of importance to credit unions during recent meetings with NCUA Chairman Michael E. Fryzel, Sen. Charles Schumer (D-N.Y.) and other members of the state's congressional delegation.
The group traveled to Washington to discuss the fund, which Congress approved just before leaving for the Memorial Day recess as part of a larger bill on housing and financial services issues. The group also discussed its opposition to a measure that would have allowed bankruptcy judges to rewrite the terms of mortgages. That was defeated during the debate over the housing-financial services bill.
The group also met with representatives of Sen. Kirsten Gillibrand (D-N.Y.) and 15 of the 29 U.S. House members who represent the Empire State.
Two Join NACUSO Board
The two newest members elected to NACUSO's board of directors are Valorie Seyfert, president/CEO of CUSO Financial Services LP, and Mark Zook, president/CEO of MaPS Credit Union.
Mike Hales, partner in the Rochdale Group, a credit union consulting firm, and Judy Sandberg, senior vice president/strategic direction at Gateways Services Group LLC, a CUSO providing insurance services and investment and trust program management services, were re-elected.
According to NACUSO, Tom Davis did not run for re-election to the board as he has taken the CEO position with the Newport Beach, Calif.-based CUSO association. Due to the resignation of a director and the change of a director from one category to another, there are two vacant director seats. The board has the ability to appoint persons to fill these vacancies until the 2010 election.
Dave Serlo, president/CEO of PSCU Financial Services continues to serve as NACUSO's chairman, Pete Snyder, president, SCS, Snyder Consulting Solutions LLC as vice chairman and Lisa Renner, president/CEO, CU Holding Company LLC as treasurer. Sandberg serves as the board's secretary.
Court Dismisses Challenge
To Tax Status of Pa. CUs
The Commonwealth Court of Pennsylvania on May 21 dismissed a challenge by bankers to the tax-exempt status of credit unions.
The credit unions and bankers were gathering evidence about the differences between banks and credit unions when the bankers requested that the court drop the portions of the litigation pertaining to taxation.
"The banking industry in Pennsylvania seems to have thought it could undermine the credit union tax exemption with this litigation," CUNA Executive Vice President and General Counsel Eric Richard said in a statement. "That strategy has failed, and its failure can only be good for credit unions in other states, too."
The bankers' lawsuit challenging the status of certain community charters is still going on and a hearing is scheduled on that issue on June 10.
The banks are challenging the Pennsylvania Department of Banking's administrative procedure for approving the community charters of Freedom Credit Union and TruMark Financial Credit Union, both of which are state-chartered credit unions in the Philadelphia area.
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