A New Kind of Car Repair: Help With Subprime Loans
CHICAGO-North Side Community FCU was awarded a $35,000 Innovation Grant from the National CU Foundation to help the community development credit union refinance subprime auto loans for its members. The CDCU will target "upside down" loans, where members' outstanding balance exceeds their car's value. The funds will be used to purchase quarterly reports from credit bureau Trans Union to identify members who have auto loans with other lenders; work with impaired credit bureau Payment Reporting Builds Credit to acquire a list of all "thin-file" credit reports that show a recent credit inquiry from auto dealerships on Chicago's North Side; and consider offering credit enhancements that would protect each borrower and the credit union: guaranteed asset protection insurance, mechanical breakdown insurance, disability and job loss insurance.
Charter Granted For Web-Based REALTORS FCU
ALEXANDRIA, Va.-NCUA approved last week a new charter for REALTORS Federal Credit Union, which will serve the National Association of Realtors. The NAR announced the new credit union to its membership at its annual meeting last week in Orlando. The letter of understanding and agreement signed between NCUA and the NAR calls for the credit union to be web-based and operational by mid-2009.
