Lending

Plan transfers 30% of ownership to employees through a defined contribution benefit plan.

CUC Mortgage Corp., a mortgage CUSO affiliated with the Credit Union Association of New York, ended 2012 with the addition of five more New York credit unions.

Because credit unions already generally abide by new final qualified mortgage and ability-to-repay rules released Jan. 10 by the Consumer Financial Protection Bureau, the most difficult compliance burden will be to document the process, said John Bundy, compliance manager for CUNA Mutual.

As the recession snaked its way into the economy in 2008, credit unions braced for the impact it would have on members in unemployment, rising debt and underwater mortgages.

Because credit unions dont typically pay for more profitable terms, the rule isnt expected to have a major impact on the industry.

Because credit unions dont typically pay for more profitable terms, the rule isnt expected to have a major impact on the industry.