SAN DIEGO — REALTORS Federal Credit Union President/CEO Tom Glatt made it clear he's in the market for participation loans, saying NCUA restrictions on his brand new credit union will keep him from meeting his board's aggressive one-year growth goals.
Deposits aren't a problem for REALTORS. Rather, it's loans. Eighty-two percent of NAR members are self-employed. However, the trade association's credit union can't make business loans. Furthermore, loans are limited to a maximum of $650,000 each, which Glatt said prices him out of helping many of his members.
"I have $15 million sitting in an overnight account," he told his keynote audience, "and I'm looking for at least 6%."
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