BOSTON - About 100 state-chartered credit unions got expanded powers last week to offer additional loans and services, under a new law giving them parity with federal charters.
The parity law allows state charters to: increase unsecured and secured personal loans from a maximum of 12 years to 15 years; offer indirect mobile home loans, auto leasing, stored value products, foreign currency exchange and Health Savings Accounts; offer money transfer services to non-members within their fields of membership and lets their CUSOs offer securities brokerage services.
It also allows them to buy consumer and commercial real estate loan participations from CUSOs.
In general, the new law allows state charters to engage in any powers allowed by NCUA for federal charters under the agency's Incidental Powers Act.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
