News

NEW YORK -- Loan products, not income, are the reason why mortgage borrowers default, according to a report released yesterday by the Local Initiatives Support Corp.

ALEXANDRIA, Va. -- Representatives of the three largest credit union trade associations expressed concern at an NCUA hearing today that the agency's proposed 15% budget increase could raise the costs for credit unions in a difficult economic climate.

ALEXANDRIA, Va. -- Citing the perilous economic climate and the need for greater scrutiny of credit unions, the NCUA said today it is likely to ask for $182.9 million for the next budget, a $24.3 million increase over this year's level.

WASHINGTON -- A New Jersey Credit Union League program to help smaller credit unions has been awarded a $30,000 innovation grant from the National Credit Union Foundation. This is the 7th of 14 NCUF innovation grants this year.

WASHINGTON -- Declining creditworthiness, tightened credit by lenders and reduced demand for loans from small business borrowers has resulted in a nearly 30% drop in Small Business Administration loans during fiscal year 2008, the agency reported today.

HERNDON, Va. -- A pair of CUSOs -- DigitalMailer and Ongoing Operations--have joined together in a new crisis notification offering.