News

WASHINGTON -- Executives with the U.S. Treasury's CDFI Fund announced that certified community development credit unions will not need to show matching funds in order to qualify for grants from the CDFI fund, at least through 2010.

In another attempt to aid the ailing banking giant Citigroup, the government announced today that it will buy more stock in the company and increase the amount of its ownership from 8% to 36%.

The opportunity for credit unions as private student lenders remains strong, according to Jon Jeffreys, president of CU Student Choice, despite possible big changes in the student lending market outlined in President Obama's 2010 budget proposal.

The continuing problems of the economy in general and the housing market in particular have again taken their toll on Fannie Mae, which reported a $58.7 billion loss for last year.

The city of Boston has rolled out a $350,000 micro loan fund which will be serviced by Tremont Credit Union.

Saying that the increases in bank failures have caused a strain on the insurance system, the FDIC today announced a 7 basis point increase in premiums starting next year.