Minnesota Gov. Jesse Ventura has signed the Credit Union Protection Act into law. Strongly supported by the Minnesota CU Network, the law expands the ability of state-chartered credit unions to grow via conversions to community charters, an expedited process to add groups, and access to alternative capital. The MCUN said the state bankers association threw a dozen lobbyists at the bill seeking to kill it, but was unsuccessful.
Lenders should be subjected to tough reviews of their readiness for economic threats posed by severe weather, required to disclose risks lurking in their portfolios and perhaps forced to set aside extra capital, a government study recently recommended.
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