News

While the SBA expected a new program offering deferred payments and no fees to be in huge demand, only $4.6 million loans have been funded since the recovery effort was launched on June 15.

The housing market continued to show signs of improvement as pending home sales increased 0.1% in May, the National Association of Realtors reported yesterday. It was the third consecutive monthly rise.

Western Corporate Federal Credit Union eliminated 30 San Dimas-based employees this week, adding to the 60 branch processing staff the NCUA had previously announced would be let go over the next 12 months.

The prospect of big loan demand from state employees resulting from Illinois' current budget crisis has one credit union prepared with revised procedures "so we don't waste a lot of staff time with inactive accounts."

CUNA Mutual Group said it has signed a letter of intent to sell its individual retirement account services division to Ascensus, a retirement services firm.

Citing the "the current stressed environment," the Federal Financial Institutions Examination Council has made a policy statement on the issue of financial institutions changing their charters.