Lending

Part of the fallout from the mortgage meltdown is the debate on what constitutes a qualified mortgage.

On issues such as debit interchange and limiting the growth of future regulations, banks and credit unions are on the same side of the political divide. On others, such as credit unions tax-exempt status and raising the cap on member business lending, the industries interests diverge.

Here we go again. Saying that it would “expand the options for small businesses at no expense to taxpayers,” Sen. Mark Udall (D-Colo.) last week reintroduced a measure to raise the cap on member business lending from 12.25% of assets to as much as 27.5% of assets.

The reality of the impact that the enactment of the CARD Act has had on credit unions that offer credit cards to university students has been a mixed bag.

Sen. Mark Udall (D-Colo.) will try to make his legislation to raise the MBL cap to as much as 27.5% of assets an amendment to the bill currently pending in the Senate to fund the Small Business Administration.

Jeff Russell, president/CEO of TMG Financial Services, suggests reviewing all of your products and services to push them to their potential.