Lending

Credit unions participating in the Credit Union Better Choice program have made almost 15, 000 loans to consumers seeking an alternative to higher cost payday loans, according to the Pennsylvania Credit Union Association.

Former U.S. Mortgage Corp. President/CEO Michael McGrath isn't the only U.S. Mortgage employee implicated in the fradulent scheme of selling $14 million worth of mortgage loans to Fannie Mae.

The Wisconsin Division of Banking Tuesday called the abrupt closing of Central States Mortgage Co., the Milwaukee CUSO, discomforting and "extremely unusual" for an operation its size.

The $247 million Picatinny Federal Credit Union is continuing to take the legal lead among credit unions victimized by vendor U.S. Mortage Corp. and its credit union division, CU National Mortgage.

The sudden closing of Central States Mortgage Co., a Wisconsin CUSO with 25 CUs and the Wisconsin Credit Union League as shareholders, set off a new round of charges Tuesday.

Credit union consumer lending rose to $240.2 billion in January, up from $237.l6 in December, the Federal Reserve reported today.

In response to lenders concerns, the Small Business Administration said it will consider larger "goodwill" amounts on a case by case basis through Aug. 31.

LendingTree.com has signed on Sound Credit Union to its online lending exchange, its first credit union client in the company's nearly 11-year history.