Lending

By the time next year rolls around, Truity Credit Union in Bartlesville, Okla., will be ready to comply with new mortgage loan requirements from the Consumer Financial Protection Bureau. Thanks to policies and procedures already in place, the final adjustments wont likely be traumatic for the credit union.

Despite the apparent financial pain to cover the underwriting costs of small loans under $600, some credit unions still feel there is a segment of their membership that rely on this type of financing. Others don't.

The $311 million Freedom First Credit Union, headquartered in Roanoke, Va., won the $100,000 Next Seed Capital Award from the Opportunity Finance Network.

This preview from our Aug. 28 print edition looks at what may be a shrinking credit union market for $600 and under loans.

Mortgage service provider First Heritage Financial LLC and Member Business Financial Services in new offices in Trevose, Pa.

Experts weigh in on compliance costs to members, credit unions.