Lending

Small businesses seeking to expand will be able to refinance existing loans used to purchase real estate and other fixed assets as a result of permanent changes to the SBA's 504 loan program, the agency announced today.

The TransUnion credit bureau has found that card delinquency across all card issuers is creeping higher.

Former CU National Mortgage President Michael McGrath revealed a complex scheme in court yesterday that allowed him to fraudulently sell unauthorized credit union mortgages to Fannie Mae to cover his investment losses.

Michael J. McGrath, Jr., former president of U.S. Mortgage and CU National Mortgage, pleaded guilty yesterday to mail and wire fraud and money laundering charges in connection with a $139 million mortgage fraud scheme.

Texas credit unions get a chance to "vote" on the ideal payday product model that best fits the needs of members under a plan put forward this week by the Texas Credit Union League and the National Credit Union Foundation.

An executive with the National Credit Union Foundation stressed that credit unions need to avoid offering their members direct advice on how to address problems on mortgages not with the credit union.