Lending

California's real estate problems have resulted in a flood of mortgage-related bills that are well- intentioned but ultimately bad for credit unions, said Bob Arnould, California Credit Union League senior vice president of governmental affairs.

The recession and its widespread job losses caused a 32 basis point increase in loan delinquencies, according to data released today by the American Bankers Association.

As banks keep a tight grip on lending, small businesses turned down by the financial institutions are seeking out microlenders for loans ranging from $500 to $35,000.

The Driving Home Lending Symposium held by Prime Alliance Solutions Inc. and CUDL has been rescheduled for 2010.

Credit union market share of auto loans is on the rise reaching 24% compared to 14% a year ago with perhaps some of the credit going to the Invest in America program with General Motors and Chrysler Corp., the Michigan Credit Union League said this week.

The $7 billion The Golden 1 Credit Union yesterday purchased a $500 million private placement, short-term revenue anticipation note from the State of California, which the state issued to make up for budget shortfalls.