Lending

As the SBA gears up for its annual festivities honoring small businesses, credit unions could once again be among the candidates recognized for their lending efforts.

One of Arizona's troubled and undercapitalized credit unions, the $370 million AEA FCU of Yuma, acknowledged Monday it is closing a branch, downsizing staff and "put out merger feelers" but is still prepared to go it alone in 2010.

If California lawmakers don't settle their differences before April 15, homeowners who received mortgage modifications or lost their home to short sale or foreclosure, will see their 2009 tax bills increase exponentially.

Around 26 credit unions have applied for funds under the Treasury Department's Community Development Capital Initiative, according to NCUA officials participating in a Web event about the program today.

Federal credit unions can add a floor rate to variable rate home equity loans if the original agreement disclosed that such an addition is possible, according to an NCUA legal opinion.

Low- and moderate-income members of the $1.2 billion UW Credit Union now have an additional option for getting a mortgage, one which might enable them to obtain a loan underwritten and sold by the credit union.