News

Days after emergence from Chapter 11 bankruptcy, CIT Group Inc. said today it has taken the first step in its $500 million commitment to small businesses by waiving its $1,000 fee on SBA 7(a) loan applications.

Credit union credit card programs received a national push on Larry King Live on Dec. 10 when noted consumer advocate Suze Orman promoted the cards and the low interest rates at federally chartered credit unions.

From tax enticements to hire new employees to tax write-offs for investors, SBA Administrator Karen Mills said the agency's partnership with credit unions and other lenders will continue to help kick start the small business sector.

Several credit unions that pledged to finance more green projects will be on site for the Dec. 15 groundbreaking of an environment-friendly student housing complex at the University of Maryland.

CUNA Strategic Services has teamed up with the ICUL Service Corp to help the CUSOs credit union clients better market their pre-paid card programs.

The Center for Responsible Lending, a subsidiary of the Self Help Credit Union, has released a report condemning practices that some of the largest card issuers have adopted, the Center alleged, to avoid the practices banned by new card regulation.

The merger completed this month of a $47 million Eureka, Mo. credit union into the $628 million Vantage CU of St. Louis has worked out dandy for the financials, but it's another story when it comes to the computer conversion.

As President Obama met with bankers today to discuss how they can help small business recover, CUNA President/CEO Dan Mica continued to reiterate that credit unions are doing their part and could be doing much more.