News

Iowa's second largest credit union, the $914 University of Iowa Community CU, is moving ahead this month to merge with the $46 million Best of Iowa Community CU as the Iowa City-based CU seeks a larger footprint in the Cedar Rapids market.

California's struggling large credit unions didn't gain any ground during fourth quarter 2009.

In another effort to jumpstart business lending, President Obama has proposed temporarily increasing the cap on SBA Express loans from $350,000 to $1 million.

In a NCUA supervisory merger, the $4.8 billion America First Federal Credit Union has taken over the $50 million Mountain High FCU of Provo, Utah.

Senate Banking Committee Chairman Christopher Dodd (D-Conn.) admitted last Friday that he and the Republicans are "at an impasse," on legislation to revamp how financial services firms are regulated, but vowed to move forward in drafting a bill.

While they understand that the downturn has led lenders to significantly scale back their business lending activity, financial regulators, including the NCUA, are urging them not to become "overly cautious."