Lending

The president/CEO of the $143 million Superior Choice Credit Union, targeted by Wisconsin bankers last week for its Norlarco participation loans, said today the CU's "strong, well capitalized position" speaks for itself with no need to get into any verbal fisticuffs to counter a media blast.

Credit union efforts to provide alternative products to payday loans again received conditional praise this week when an Oct. 15 story on National Public Radio's Morning Edition program highlighted one CU's effort.

Michigan First Credit Union is making headway with its new business services program having its first commercial loan close in September.

A housing downturn and the subprime mortgage fallout has shaken the confidence of some credit union CEOs when it comes to their financial institution's performance and members' financial status.

The construction loan programs may have ended, but troubles are still piling up for Norlarco Credit Union in Colorado and Huron River Area Credit Union in Michigan. In conservatorship and being run under the watchful eyes of NCUA, which is negotiating with interested parties to stem the mounting losses, the...

The October 8 edition of <em>Newsweek</em> magazine has a an article on the ongoing controversy over payday lending and highlights the roles four credit unions are playing in helping their members avoid the expensive loans.