Lending

The economic downturn has hit a lot of boomer credit union members especially hard in their retirement accounts, but executives familiar with reverse mortgages say the product can be a useful tool to help those members salvage retirement plans.

A northern Minnesota credit union has become the first in that state to join the network of credit unions using the Fynanz Inc. turnkey private student lending platform, the company said.

After launching the cooperative student lending network, cuStudentLoans.org, with the New Jersey credit unions this past May, student lending solutions and technology provider Fynanz is expanding the network to Minnesota.

The U.S. District Court for the Northern District of Georgia has indicted eight Eastern European men for hacking into the computers of Atlanta-based RBS Worldpay and the subsequent theft of millions of dollars from ATMs around the world.

The huge spike in member business loan delinquencies coupled with several troubling scenarios that continue to come up during examiner visits was the backdrop for a NCUA-hosted Webinar last week.

Two credit unions headquartered in Pennsylvania have signed on with CUC Mortgage, a credit union mortgage CUSO with roots in the Credit Union Association of New York.