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Citing the need to deliver new business lending products and services to survive, the $209 million Monterey Credit Union in California plans to change its charter to a mutual savings bank. The conversion must gain approval from the credit union’s 19,543 members as well as state and federal regulators.

“We believe that regulations with respect to the amount of commercial (lending) we could make as a credit union are capped (at 10% of total loans), and we don’t feel we could cost effectively operate within that regulatory scheme,” Chairman David C. Laredo said in an interview with CU Times Monday. “We believe that to embark upon a business lending plan, we could at best break even.”

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Peter Strozniak


Credit Union Times

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