Lending

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.

A study of the credit union industry's use of loan protection products, such as credit insurance, mechanical breakdown insurance and guaranteed auto protection, is in the planning stages.

Considered to be one of its largest real estate losses, Eastern Financial Florida Credit Union is seeking a $37.25 million deficiency judgment against a Miami developer on a foreclosed condominium.

The Bel Air, Md.-based Freedom Federal Credit Union said it has earmarked $50 million in SBA lending to help local small business owners gain access to much-needed capital.

A new group devoted to fair mortgage lending practices is launching an initiative that includes some major credit union players.