Lending

The SBA told credit unions and other lenders today that it will reactivate the Recovery loan queue by Feb. 22 to ensure that the $125 million appropriated to the agency in December will go out the door much faster to small businesses.

Credit unions got a glimmer of hope today when Sen. Charles Schumer (D-N.Y.) said he still would like to have legislation to lift the cap on member business lending.

After the Texas Department of Motor Vehicles implemented its electronic lien and title program in November, Texans Credit Union decided to move to an electronic title system.

The Connecticut Credit Union League is joining the industry watch on Walmart Stores' move into financial services by issuing a member alert on the retailer's start of check-cashing in all 33 of its Connecticut stores.

Credit union members in specific professions will be able to take advantage of an additional incentive offer through Invest in America.

President Obama has proposed temporarily increasing the cap on SBA Express loans from $350,000 to $1 million in the latest effort to jump-start business lending.