Lending

The $648 million American First Credit, headquartered in La Habra, Calif., has made more than $14 million in loans to members to help them restructure existing mortgage loans in the face of possible delinquency.

Auto loan servicer Peak5 Financial, formerly Flatiron Financial and Centrix Financial, shut down its business on July 10.

The president/CEO of a large Michigan credit union has some advice on handling allowance for loan loss calculations: "use a 12-month rolling average instead of 36."

The Consumer Federation of America asked the Federal Reserve and Senate Banking Committee Chairman Christopher Dodd to give credit unions additional time to comply with provisions of a new law on mailing open-ended credit statements.

The Federal Reserve's Open Market Committee today is beginning its regularly scheduled two-day meeting to assess the state of the economy and decide whether to adjust interest rates.

Callahan & Associates has criticized data that recently appeared in USA Today in reporting on credit union's use of overdraft protection programs.