Lending

An executive with the Center for Responsible Lending applauded the NCUA's most recent guidance to federal credit unions on payday lending, but said he expected implementing it to take time.

Call it a sign of the down economy and California's shifting real estate market. The $7.5 billion The Golden 1 Credit Union has announced that it will start writing mortgages eligible for insurance from the Federal Housing Authority.

NCUA issued its recent letter to federal credit unions about permissible payday lending alternatives after it received a January letter from an interest group.

XtraCash LLC, a division of a CUSO owned by the $396 million Mazuma Credit Union, reveals on its Web site fees and annual percentage rates ranging from 260.71% to 391.07% for the state of Kansas.

A recent NCUA letter to federal credit unions drew some lines to govern the characteristics of payday loan alternatives federal credit unions can offer.

The NCUA determined that pulling the Central Liquidity Facility funds from U.S. Central would be the only way to continue helping it and the credit union system at large.